Chile's Cochilco raises 2022 copper price forecast to $4.40 per pound

The Chilean Copper Commission (Cochilco) on Thursday raised its projection for 2022 copper prices to $4.40 per pound, amid a perceived scarcity due to the Russia-Ukraine conflict. It projected Chilean copper production at 5.78 million tonnes for 2022, a 2.6% year-on-year increase.

The Chilean Copper Commission (Cochilco) on Thursday raised its projection for 2022 copper prices to $4.40 per pound, amid a perceived scarcity due to the Russia-Ukraine conflict. In January, Cochilco maintained its projected price for copper at $3.95 per pound. The commission said the rise is influenced by economic factors "dominated by the context of reduced inventories in metal markets and the risk that the global supply of the metal won't meet expectations."

For 2023, Cochilco projected a price of $3.95 per pound, up from $3.80 in January. It projected Chilean copper production at 5.78 million tonnes for 2022, a 2.6% year-on-year increase. Chile is the world's no. 1 copper producer.