Cochilco projected average copper price of U.S. $ 3 per pound in 2015
The average copper prices would remain above $ 3 a pound in 2015. Thus it considers by the Chilean Copper Commission (Cochilco), which foresee that the metal will fluctuate between U.S. $ 2.8 and U.S. $ 3.2 per pound over the next year.
“The biggest copper surplus is expected (about 416,000 tons) by 2015, 16% higher compared to this year, largely due to increased production from mining operations in Chile, Peru, Mexico, Zambia among others, “said the Mining Minister Hernan de Solminihac.
He said that the projection for this year is maintained at an average of $ 3.15 a pound, with a range of fluctuation ranging between U.S. $ 3 and U.S. $ 3.3 per pound.
Yesterday, copper closed up 0.06% to U.S. $ 3.21 a pound, ending 10 consecutive sessions of losses.
Regarding the outlook for global production, Cochilco noted that between 2014 and 2015 would grow at an average annual rate of 2.3% to 27.6 million tons. While consumption will in 3.8% to 21.5 million tons in 2014, and 4% to 22.3 million tons in the following year.
Domestic production, meanwhile, would advance 5.2% this year, six million tons in 2014 and 2.4% to 6.2 million in 2015.
Source: La Tercera
