SANTIAGO: Sentiment among Chileans over copper prices have tumbled over the last six months, according to the latest survey of local market experts by the Chilena Copper Commission.
The experts’ forecasts for 2016 averaged $2.43/lb, down from $2.89/lb in the previous survey released in May.
The government body, known as Cochilco, surveyed 15 experts, including economists, executives, analysts and academics for the expectations for the copper price this year and next.
Cochilco research director Jorge Cantallopts said the lower price outlook reflected slower growth in China, the normalization of US monetary policy and, to a lesser extent, production cuts announced by mining companies.
The experts forecast that copper will average $2.36/lb during the final quarter of the year.
Chile is the world’s largest producer of copper and is heavily dependent on the red metal for foreign currency income and tax revenues.
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