Chile, the world's largest producer of copper, reduced on Thursday (Jul 18) its price projection for the precious metal for 2019 from US$3.05 to US$2.89 per pound due to a drop in demand from the planet's largest consumer, China. In its second-quarterly report the Chilean Copper Commission (COCHILCO) also reduced its 2020 projection from US$3.08 to US$2.90 a pound, it said in a statement. The drop is because China "is experiencing a cycle of economic slowdown that has undermined expectations for short-term demand," said the statement. That was exacerbated by "macroeconomic and global geopolitical tensions that ... (full story)