Revista Nueva Minería

The top copper consumer expectations of China explains this new estimate for the Metal average price of Cochilco. In March had projected U.S. $ 3.05 a pound for this year.

China was again a decisive factor for the Chilean Copper Commission, Cochilco, corrected upwards its official forecast for the average price of copper in 2014, with an amount of U.S. $ 3.12 a pound, slightly more than U.S. $ 3 05, the pound had projected in last March.

The new figure is based on the best expectations of copper consumption in China, a country that demand by 47% of the world total, so that impacts directly on the oscillations experienced by the price of the metal during the last time.

The Cochilco’s Executive Vice President, Sergio Hernández, said that a “significant decline” in the global balance of refined copper, which come around, about 121 thousand tons are warned. This level is less than 373 tons provided above.

“This is mainly due to a growth in demand from China for restocking and as credit guarantees. Given this situation we increase our estimate of demand from China 4, 5% to 10% by 2014, “Hernandez said in presenting the traditional Trend Report of the International Copper Market for the period from April to June.

The report projects that global demand for copper reaches 22.1 million tons this year, representing an increase of 5.6% over 2013. Of this total, 10.8 million tons were to China , confirming its position as the largest consumer of the metal, with about half the total. –

Regarding the price outlook for 2015, Cochilco maintained its projection of U.S. $ 3 a pound since not notice major changes in the market balance regarding the one provided in the previous report (March).

Production

Global copper mine production, meanwhile, will reach 19.38 million tons in 2014, representing 5.9% more than last year produced. This increase is explained by higher expected production of Chile, Peru, United States, the Democratic Republic of Congo and Mongolia.

“Projects that entered in 2013 will reach its maximum design capacity this year,” said the vice president of Cochilco.

For next year, the estimated production by Cochilco is 20.5 million tons, ie about 5.8% projected for 2014 by expected increases in Chile, Mexico, Peru and the Democratic Republic of Congo.

The Executive Vice President of Cochilco, Sergio Hernandez, in presenting the report Trends in International Copper Market, which also coincided with the release of the directory of the entity. (Photo: NME Magazine)