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

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
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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