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Chilean mining industry association Sonami said recently that copper prices are unlikely to rebound
in 2020 even if trade tensions between the United States and China ease.
Diego Hernandez, senior head of mining and president at Sonami, said demand for copper is not expected to increase significantly in 2020, making major miners cautious about increasing supply
.
"We expect the price to be around $2.
80 per pound.
.
.
Although it depends on the international situation
.
But we don't expect a strong rebound in copper prices," Hernandez said
.
In 2019, the average price of copper metal was $2.
72/lb, compared to $2.
97/lb
in 2018.
Hernandez said the upcoming boom in electric vehicle manufacturing has yet to stimulate demand for copper, but is optimistic that it will increase consumption
in the medium term.
Chilean mining industry association Sonami said recently that copper prices are unlikely to rebound
in 2020 even if trade tensions between the United States and China ease.
Diego Hernandez, senior head of mining and president at Sonami, said demand for copper is not expected to increase significantly in 2020, making major miners cautious about increasing supply
.
"We expect the price to be around $2.
80 per pound.
.
.
Although it depends on the international situation
.
But we don't expect a strong rebound in copper prices," Hernandez said
.
In 2019, the average price of copper metal was $2.
72/lb, compared to $2.
97/lb
in 2018.
Hernandez said the upcoming boom in electric vehicle manufacturing has yet to stimulate demand for copper, but is optimistic that it will increase consumption
in the medium term.
