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Chile's state-owned copper commission (Cochilco) said on Thursday that it had raised its forecast for copper prices this year to $3.
30 per pound, equivalent to 47,000 yuan
per tonne, as vaccination campaigns against covid-19 progressed and China's economic outlook was good.
Last November, Cochilco forecast a price of $2.
90 in 2021, equivalent to 41,300 yuan
per tonne.
However, Jorge Cantallopts, head of research at Cochilco, stressed that the uncertainty of a possible second wave of covid-19 in copper-producing countries could affect the supply of the metal, "so prices may even be higher than we expect"
.
The committee also expects a global market copper shortage of 70,000 tonnes, with a surplus of 116,000 tonnes
of copper by 2022.
Cochilco also expects Chile, the world's largest copper producer, to produce about 6 million tonnes this year, up 3.
6 percent
year-on-year.
Chile's red metal production barely changed last year, as companies managed to maintain continuity of production operations despite
pandemic-related lockdowns.
Cochilco said the updated forecast is "optimistic expectations for an early start of COVID-19 vaccination globally, expectations for high economic growth in China and forecasts for sensitivity to global copper supply.
"
Chile's state-owned copper commission (Cochilco) said on Thursday that it had raised its forecast for copper prices this year to $3.
30 per pound, equivalent to 47,000 yuan
per tonne, as vaccination campaigns against covid-19 progressed and China's economic outlook was good.
Last November, Cochilco forecast a price of $2.
90 in 2021, equivalent to 41,300 yuan
per tonne.
However, Jorge Cantallopts, head of research at Cochilco, stressed that the uncertainty of a possible second wave of covid-19 in copper-producing countries could affect the supply of the metal, "so prices may even be higher than we expect"
.
The committee also expects a global market copper shortage of 70,000 tonnes, with a surplus of 116,000 tonnes
of copper by 2022.
Cochilco also expects Chile, the world's largest copper producer, to produce about 6 million tonnes this year, up 3.
6 percent
year-on-year.
Chile's red metal production barely changed last year, as companies managed to maintain continuity of production operations despite
pandemic-related lockdowns.
Cochilco said the updated forecast is "optimistic expectations for an early start of COVID-19 vaccination globally, expectations for high economic growth in China and forecasts for sensitivity to global copper supply.
"
