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Chile lowers copper price estimate for 2021 on lower demand, US stimulus
Chile’s copper commission Cochilco has revised down its average copper price forecast for the year to $4.20 per pound from a previous estimate of $4.30 per pound on the back of slowing Chinese demand and expectations of an easing in US stimulus. Prices are expected to average $3.95 next year as the market swings into surplus, according to Cochilco’s latest copper market trends report. After reaching record levels in May, the metal, used in construction and green energy-related infrastructure, have retreated and then bounced around in a tight range. Three-month copper rose on Wednesday on the London Metal Exchange ... (full story)