Chile Copper Commission keeps metal price at US $ 3.05 per pound by 2019 | economy


China's growth prospects for exports and manufacturing activity, as well as the stability of the copper market in the country, provide the Chilean Copper Commission (Cochilco) with a good price scenario for 2019 and 2020, whose projection will be maintained in $ 3.05 per pound this year and $ 3.08 per pound.

The information was released through the conclusions of the International Copper Market Trends Report for the first quarter of 2019, announced by the Minister of Mining, Baldo Prokurica, and Cochilco's Director of Studies and Public Policies, Jorge Cantallopts.

The Secretary of State indicated that in the document detailing the price, supply and demand for copper, the market would be balanced and I would expect a deficit of more than 200 thousand tons.

"Currently the market is technically in balance, with copper demand slightly higher than supply, so we foresee a deficit of 208 thousand tons of copper by 2019 and 202 thousand tons by 2020, representing 3, 5 days of global consumption in each year, "Prokurica assured.

For his part, Jorge Cantallopts said that the estimates of growth of the metal will be gradual during this year and that the the global demand would expand by 1.9%.

"While the outcome of the trade talks between China and the US is positive for market confidence, it is likely that the United States' 10% tariff surcharge on products imported from China will remain unchanged. copper should be gradual this year, "Cantallopts said.

Along the same lines, he added that Chilean production would reach 5.96 million tons in 2019 and 2020 would be surpassed with about six million.


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