Cochilco expects stable copper prices for the next two years
The price per pound would average U.S. $ 3.05 in 2014 and $ 3.00 in 2015.
Cochilco’s Executive Vice President (w), Sergio Hernandez, said metal prices stable for the next two years is expected, with an average value of U.S. $ 3.05 a pound in 2014 and $ 3.00 for 2015.
Hernandez explained that these projections are based on a lower growth in demand due to lower growth expectations for China, which implies a decline in copper consumption. He said that it is estimated that the Asian giant’s demand for the metal to grow 4.5% in 2014 and 2015.
He added that the global supply of copper will increase 5.5% in 2014 and 3.9% in 2015. In this context, Chile’s production is expected to grow 5% in 2014 and 2.8% in 2015, reaching 6 and 6.2 million tons of copper, respectively.
Yesterday, a 1.04% of this commodity in the London Metal Exchange (LME), reaching U.S. $ 3.143 a pound, amid concern about an expected agreement after a dispute in Indonesia, which could resume exports of concentrate metal from that country. Also impacted a research in a major Chinese port, which has stopped shipments.
Moreover, 0.19% rose oil West Texas Intermediate (WTI), reaching U.S. $ 102.66 a barrel. The “black gold” climbed after on the eve reached its lowest level in two weeks. The market is waiting for the U.S. Department of Energy published today the state of stocks.
Source: Estrategia
