LatinNews Daily - 29 January 2021

In brief: Chile expects strong copper prices this year

* Chile’s state copper commission (Cochilco) has revised its forecasts for copper prices this year, now projecting that the price of copper – Chile’s largest export – will average US$3.30 per pound (lb) in 2021, up from earlier projections of US$2.90/lb. The undersecretary for mining, Edgar Blanco, noted that the global scenario remains dominated by the crisis caused by the coronavirus (Covid-19) pandemic, and that projections remain marked by uncertainty. However, Blanco hailed the mining industry as a key driver of Chile’s economic recovery. Global demand for copper is expected to total 23.9m tonnes this year, a 3% increase on 2020, with an increase in demand expected from the principal copper consuming countries (excluding China), although demand will remain below 2019 levels.

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