Cochilco corrects the low estimate for copper 2018 but also believes that the price has already reached the floor

After sharp declines in recent weeks, marked by fears over the effect of the trade war on the global economy, the Chilean Copper Commission has revised downward the price estimate mean red metal this year.

The state agency has calculated that for the current year, the country's main export product will average US $ 3 per pound, slightly less than the US $ 3.06 of the previous forecast.

The calculation rises to US $ 3.1 for next year.

Despite the uncertainty generated by the threats of US tariffs to China, the European Union and North America, Cochilco has estimated better expectations for the raw material.

In this line, the director of studies, Jorge Cantallopts, said that it is probable that the value of the metal has already reached its floor.

In this line, the government through the Minister of Mines, Baldo Prokurica, was also more optimistic about the value of the commodity.

"With the executive vice president of @CochilcoChile, we believe that when these trade wars occur, it is difficult to adjust the balance." Economic realism prevails because the stock of products is not simple and can beat tweeting and commercial warfare messages, "the authority said via Twitter.