Cochilco (Chile Copper Commission) announced that it has reduced its copper price forecast for 2023. The Commission predicted that the average price of copper for 2023 would be $3.85 per pound, due to uncertainties about international economic performance. Previously, the forecast made in May was at $3.90. Also, for 2024, Cochilco had set its previous forecast at $3.80, but lowered it to $3.75.
In announcing its decision to lower its copper price forecasts, Cochilco stated that uncertainties regarding China’s economic growth, economic contraction in the European region and doubts about economic expansion in the US played a role.
Goldman Sachs Expects “Attack” in Copper Prices
Another report on the subject, published by Goldman Sachs prior to the commission’s statements, expects copper prices to rise in the future due to possible supply constraints.
International investment bank Goldman Sachs revised its price forecasts upwards in its report on copper price. It increased its copper price target from $7750/tonne to $9250/ton for the next 3 months, while increasing its expectation for the next 3 months from $9200/tonne to $9500/ton for the next 6 months. The long-term copper price expectation for the next 12 months was maintained at 10 thousand dollars/ton.
