[ad_1]
The trade war between the United States and China, the last major consumer of copper in the world, has a direct effect on the copper market.
Yesterday, the Chilean Copper Commission (Cochilco) announced the withdrawal of its projection for the metal price for this year, from US $ 3.06 to US $ 3 per pound, mainly influenced by the tariff dispute initiated by the US government.
However, Minister of Mines, Baldo Prokurica, was optimistic about the future of the price of metal, although with regard to the skirmishes between China and the United States, it is difficult to give an accurate opinion, "because President Trump can take action that we do not know." Trade wars are also affecting American businessmen and, as a result, US industry will be lobbying for these types of volatility produced by these advertisements to not last long. "[196] 59002] addition, the former senator of Atacama said that he did not believe that this situation affects investment in the local mining industry because "big investors, although they look at this type of effects, always look long-term "
Cochilco presented a series of indicators, with which they argued that in financial markets, sales positions prevail, which has been reversed in recent days.They said: "The first vice president of the institution, Sergio Hernandez, pointed out that there was also a positive element in this panorama: the effect [19659002] "It is true that the price of copper decreases, it is not the less the unit costs of production decrease and the conditions of the exporters improve. There is more revenue from imports with a higher dollar. Finally, it is expected that by 2019, the pound of copper will reach US $ 3.10, due to growth in demand from China, which is expected to increase by more than $ 295,000. this year is equivalent to the production of a new deposit in one year.
included in the National Budget, from $ 2.88 to $ 3.12 per figure in effect.
In this regard, the owner of Minera stated that the figure communicated by Minister Larran was prior to the entry into force of the trade war. . "The projection made by the Treasury was prior to July 13 and 14 and July 15, when the discounts resulting from the announcements of President Trump have materialized (…) if you analyze the average price of copper this year, it is US $ 3.11, that is, the Treasury is less in the balance, averaging the year, "he said.
While, from Mexico, it is Minister Felipe Larran who refers to the different estimates. . In the middle of his participation in the Pacific Summit, the head of the Treasury explained that "we are not trying to point to what will happen one day, for example, what has happened for seven consecutive sessions the price of copper then He recovered three consecutive sessions, reached US $ 2.7 and today US $ 2.8, no doubt we follow the price of copper, we are worried, but we look at a slightly longer projection. "
Larran added that" we expect the price to recover, and as all analysts say, it is around 3 US dollars or about 3 US dollars. "
Recovery
Yesterday the price of copper presented a new rise and closes at US $ 2.79 per pound.
"We do not try to point to what will happen one day, we follow the price of copper, we are worried, but we look at a projection a little longer."
FELIPE LARRAN
MINISTER OF FINANCE
"These trade wars have been Ambin's affecting American businessmen.Trump is going to have some pressure for these volatilities to not last long."
BALDO PROKURICA
MINISTER OF MINERA
"It is true that the price of copper is decreasing, it is none the less true … unit cost of production."
SERGIO HERNNDEZ
EXECUTIVE VICE-PRESIDENT OF COCHILCO
Source link
