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
The S&P index did close at a new record high
The major indices are closing their unchanged levels give or take. The broader S&P index traded to a high of 4083.16. That was just short of the all-time high reached yesterday at 4086.23 (but it did close at a new record high).
- The NASDAQ index is down for the second consecutive day but with only modest declines over each day (the NASDAQ fell -0.05% yesterday and declined -0.07% today)
- The volatility index (VIX) trades at the lowest level since February 2020. The low reached 16.87% today
- S&P is up for the fourth of five sessions but only marginally today. The S&P fell -0.10% yesterday.
- The S&P index did close at a new all-time record high at 4079.95. That took out the high close from Monday at 4077.91.
- Dow closes higher for the third day in the last four
A look at the final numbers shows;
- S&P index rose 5.79 points or 0.14% at 4079.73. The high reached 4083.13. The low extended to 4006 8.31
- NASDAQ index fell -9.536 points or -0.07% at 13688.84. The high reached 13733.03. The low extended to 13653.58
- Dow rose 15.96 points or 0.05% at 33446.20 . The high reached 33521.76. The low extended to 33347.96
Large cap growth stocks all rose with percentage gains above the averages today:
- Square, +3.6%
- Facebook, +2.23%
- Amazon, +1.72%
- alphabetic, +1.35%
- Apple, +1.34%
- Intel, +1.05%
- PayPal, +0.95%
- Microsoft, +0.82%
- Netflix, +0.45%
The Russell 2000 index of small-cap stocks did not fare well today. That index fell -37.12 points or -1.64% at 2222.05.