- Write by:
-
Thursday, July 27, 2023 - 16:50:04
-
139 Visit
-
Print
Mining News Pro - The Chilean Copper Commission (Cochilco) on Wednesday lowered its forecast for the average copper price in 2023 to $3.85 per pound amid doubts about international economic performance.
“The copper price forecast adjustment for this year is due to several factors, one of which is uncertainty regarding China’s economic growth,” Cochilco said in a statement.
“Additionally, there is the economic contraction affecting the European zone and doubts about the economic expansion in the United States.”
The agency had previously set a forecast of $3.90 in May. For 2024, Cochilco adjusted its previous forecast of $3.80 to $3.75.
It also estimates that the global market will close with a copper surplus of around 130,000 metric tons this year.
Chile’s copper mine production will reach 5.4 million tons this year according to Cochilco, which represents a year-on-year increase of 1%. It predicts an increase of 4.3% to 5.6 million tons in 2024.
One of the factors favoring production is Teck’s Quebrada Blanca Phase 2’s production entering the market.
Short Link:
https://www.miningnews.ir/En/News/626173
Oxford Economics Australia has released data showing mine maintenance spending may be hitting its peak. But what does it ...
Copper climbed above $10,000 a ton as predictions for tighter global supplies and rising consumption in electric ...
Canada’s mining industry is pushing for an carveout to the federal government’s proposed increase to capital gains ...
Copper output in Chile, the world’s largest producer of the metal, edged down in March, data from copper commission ...
Panama’s president-elect has ruled out talks with Canadian miner First Quantum Minerals until it drops multiple ...
Botswana President Mokgweetsi Masisi vowed to protect the country’s interests, including its 15% stake in diamond giant ...
Europe’s largest copper producer Aurubis AG reported first-half core profit above expectations on Wednesday, helped by ...
Copper briefly traded through $10,000 a ton as investors raised bets on Federal Reserve rate cuts, and Goldman Sachs ...
BHP’s plan to divest the South African assets of its target Anglo American are key to the strategy behind the proposed ...
No comments have been posted yet ...