Chile’s state copper commission expects a marginal surplus in the refined copper market
Cochilco lowered its copper price projection for 2024 to US$4.18/lb, down $0.12 from previous expectations, on an expected marginal surplus in the refined copper market.Chile's state copper commission said that in the second quarter, copper prices lost the upward momentum seen in the first months of this year. The momentum followed a reduction in copper supply and an announcement from Chinese smelters reducing production.Prices reached a high in May of around US$4.
"Investors began to reduce their exposure to the red metal due to unmet expectations about China's growth, shrinking interest rate in the US, and an increase in economic uncertainty and global geopolitics, which was reflected in growing demand for assets of reserve of value such as gold and the dollar, which have risen in price." Based on an expected deficit in the longer term, the commission expects prices to be around US$4.25/lb by 2025.
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