Chile’s Cochilco state copper commission on Thursday maintained its average price prediction of $3.05/lb for 2019, rising to $3.08 for 2020, amid the continuing US-China trade war and further potential volatility because of Brexit.
Cochilco said it saw production at 5.941-million tonnes for 2019, up 1.6% from 5.845-million in 2018, and a 227 000 t deficit in the global market for 2019, dropping to 185 000 in 2020. Chile is the world’s top producer of the red metal.