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Commercial skirmishes between China and the United States are worrisome, but the fundamentals are still there, the entity says.
This is the question that has marked the last few months in the price of copper, and could not be absent in the latest version of the trend report of the Chilean Copper Corporation (Cochilco). The trade war is the protagonist in the metal products market.
In addition, due to the uncertainty generated by the duration of trade tensions between China and the United States, the technical body decided to lower Cochilco has lowered the estimate of the average price for 2018 from US $ 3.06 per pound to US $ 3.00, and slightly corrected the projection for 2019 of US $ 3.11 at the end of the year. During the presentation of the report, the director of studies of the government entity, Jorge Cantallopts, pointed out that the trade war has had an impact on prices in recent months, but stressed that they also were affected for a strengthening of the dollar on a global scale and for rising interest rates by the US Federal Reserve, which caused a decrease in risk appetite at the international level.
This could generate more volatility as long as the tensions facing the United States with China and, more recently, with the European Union are unresolved, the fundamental variables play out in favor. an appreciation of copper.
he remains pretty healthy in terms of fundamentals, "said Cantallopts, adding that" there was an exaggerated reaction "on the copper market in correlation with the Chinese stock exchange
the Minister of Mines, Baldo Prokurica, accepted the diagnosis that" the real economy dominates ", with projections of supply and demand giving signs of optimism for the country's main exports.
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