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Due to the great uncertainty surrounding the extension of the trade dispute between China and the United States, the Copper Commission of Chile (Cochilco) announced yesterday that its projections indicate that the price of copper would be located at US $ 3.00. the pound for 2018, reflecting a slight adjustment from the previous estimate.
Mines Minister Baldo Prokurica and Cochilco Executive Vice President Sergio Hernández presented the findings of the report on international market trends. Copper for the second quarter of 2018. The document states that the entity expects a copper price of US $ 3.00 per pound for this year and US $ 3.10 per pound for 2019.
Prokurica explains that the fall in prices for this year, compared to the previous forecast of US $ 3.06 per pound, is attributable to the great uncertainty surrounding the extension of the trade dispute between "We are aware that in this war, where no one wins, it is not easy to predict what will happen with the price of copper or with the effects on our economy, but I can anticipate that we are taking all the measures that are available to the Government to deal with this conflict and limit, as far as possible, its negative effects on Chilean families, "said the secretary of state.
The paper says that it will reach 5.7 million tonnes this year, an increase of 4.7% over 2017. As stated in the quote, Escondida's recovery would explain the good result. [19659002] As for copper demand for this year, Cochilco's executive vice president explained that a 0.4% expansion is expected worldwide, reaching 23.5 million tons.
"China would grow by 2.5%, for example The rest of the world would fall by 1.6% from 2017."
"By 2018, the refined copper market would have a slight deficit, less of a day of consumption, that once the trade tension dissipated between the United States and China would provide solid support to the price of the metal.In contrast, a surplus of 91 thousand tons is expected for 2019, attributed to a larger offer of copper mine which is expected to increase by 2.2%, "said Hernández.
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