The Chilean copper price projection is reduced

The Chilean Copper Commission (Cochilco) reduced its copper price forecast for that year from $ 3.06 to $ 3.00 per pound, because of the uncertainty in the markets because of the American-Chinese trade war. 19659002] This was announced yesterday by the mines minister, Baldo Prokurica, and executive vice president of Cochilco, Sergio Hernández, when the tender report of the international copper market for the second quarter of 2018 has been published. In 2019, the study predicts an average price of the main Chilean export product of $ 3.10 per pound

"With the executive vice president of Cochilco, we believe that when these trade wars occur, it is difficult to adjust the balance ". Prokurica at a press conference

Copper accounts for more than 50% of the value of Chilean exports and every penny of its annual average price a tax of more than 45 million dollars and a balance of payments of 39, about $ 92 million.

In recent weeks, the price of copper fell sharply on the stock market, hit, like other commodities, by the effects of the trade confrontation between the United States and China.

However, Cochilco's director of studies, Jorge Cantallopts, yesterday considered that it is likely that the value of copper has already reached its floor,

He also calculated that the demand of China, main Chilean copper market, will increase by 2.5% this year compared to 2017, which equates to 295,000 tons more.

In this context, Cochilco expects copper production of 5.7 million tonnes this year, 3.1% more than in 2017 and 5.94 million tonnes in 2019.

However, , the reduction of the project The price of copper differs from the optimism of the government which, two weeks ago, increased its GDP growth forecast (gross domestic product) from 3.5% to 3.8% this year and increased its average copper price forecast to $ 3.12 per pound. Minister Prokurica replied that "this has not changed".