Chile sees slowing Chinese demand for copper, projects price falling in 2022

Author: Eamonn Sheridan | Category: News

Commission Chilena del Cobre (Cochilco) acts as an advisor to the Chilean government through the Ministry of mining, focused on copper and its by-products.  

(That's an 'in a nutshell' description.)

Cochilco average copper price forecast
  • for 2021 US$4.20/lb (was US$4.30/lb previously, this projection made 3 months ago)
  • for 2022 unchanged at US$3.95/lb
Cites:
slower growth in the Chinese economy
and therefore copper import falls
China’s policy to sell copper reserves
US Federal reserve to taper stimulus

On the other hand:
  • expectations of economic recovery
  • low inventories
  • limited supply
  • labour disputes

Cochilco predicts a supply deficit for 2021 and a surplus for 2022
  • global copper demand will rise this year and next
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On expectations for the Chinese economy (growth, but slower) we'll get data later during the session:



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