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The state-run Chilean Copper Commission (Cochilco) will soon revise its copper price outlook, which will be considerably higher than the previous forecast, the body’s technical head said on Tuesday.
Patricia Gamboa, Cochilco’s head of studies, said that an upcoming review of the copper price projection will be “considerable” compared with the latest calculation.
Copper price projections have been growing due to an increase in demand for the energy transition and electric vehicles, while supply appears sluggish.
Going forward, Cochilco is “moderately optimistic” on how copper prices will evolve, vice president Joaquin Morales told journalists.
In January, Cochilco had projected a price of $3.85 per pound by 2024.
During a separate presentation to Congress minutes later, Finance Minister Mario Marcel presented an upward adjustment in the projection of the price of the metal for this year to $4.20 per pound, from the previous $3.84.
Marcel highlighted the “apparently more persistent nature that this improvement in the price of copper will have” not only for this year, but for the following.
(By Fabian Cambero and Kylie Madry; Editing by Alexander Villegas and Marguerita Choy)
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