LatinNews Daily - 11 September 2024

*Chile’s state copper commission (Cochilco) has revised its forecast for copper prices this year, projecting that the price of copper – Chile’s largest export – will average US$4.18 per pound (lb) in 2024, down from a previous (May) forecast of US$4.30/lb. Cochilco has maintained its forecast for the 2025 copper price at US$4.25/lb. Cochilco attributed the downwards revision to “macroeconomic weakness in the main consuming countries” and “the postponement of the start of the monetary policy rate reduction cycle in the US”, as well as “geopolitical uncertainty” and “the accumulation of raw materials in the Asian market”, which it said had weakened expectations of short-term demand. Cochilco stated that Chile’s copper production is expected to increase by 3% year-on-year in 2024 to 5.41m tonnes.