(Minews) - Chilean copper commission Cochilco has forecast an average copper price of $3.15 per lb for this year, citing falling inventories at metal exchanges, with estimates for 2015 at $3 per lb.
The range for copper prices would be between $3 and $3.3 per lb.
The forecast is in line with the commission’s estimate in September 2012.
“Copper stocks in metal exchanges (BML, Comex and Shanghai) have reported an ongoing decrease, from 589,000 tonnes on December 31 2012 to 474,000 tonnes on January 14 2014, which ended up supporting the
price of the metal [despite a surplus],” Cochilco said in a report.
The commission also forecast copper surplus of 360,000 tonnes this year, from about 319,000 tonnes in 2013, as a result of more production from new projects and planned mine expansions.
For 2015, Cochilco expects an average price of $3 per lb, with a fluctuation range of $2.8 per lb to $3.2 per lb.
Factors such as increased copper surplus, growth in Chinese economy, the US Federal Reserve’s policy moves and Indonesia’s decisions regarding its domestic ore export rules could affect prices next year.
The red metal ended 2013 at an average price of $3.32 per lb, down from $3.60 per lb in the year before.
