Cochilco Maintains Copper Price Forecast

---

Written by Amir Richani for Industrial Info Resources (Sugar Land, Texas)--The Chilean copper commission, Cochilco, has maintained its copper price forecast unchanged at US$4.30 per pound for this year and next. This forecast is based on sustained demand from China and emerging economies, as well as the limited supply of copper concentrate.

The Chilean agency was optimistic about the Chinese recovery in industrial consumption and the development of renewable energy projects, which have helped to maintain the demand for the red metal.

China is the world's largest copper consumer, and last year, it received 53.7% of Chilean copper exports accounting for 3.14 million tons of refined copper, blister and bulk. For this year, the Asian giant is expected to consume 15.7 million tons of copper, with projections for 2026 reaching 15.8 million tons.

As a result, global copper demand is estimated to remain sustained in 2025, with growth of 2.3% and 2.4% for next year, reaching 26.38 million tons and 27 million tons, respectively.

India's copper demand is expected to grow with a 7.5% boost in 2025 and a further 8.5% in 2026, thanks to industrialization, new infrastructure and the transition to cleaner energies. Recently, India published its vision document for copper, setting a plan to become a major copper player and reducing its reliance on international markets.

"This imbalance between processing capacity and supply will be key to sustaining prices over the historical period, even if it decreases part of the volatility generated by advances or inventory cycles," said Patricia Gamboa, director of research and public policy.

For this year, Cochilco anticipates a global copper production of 22.71 million tons, about 0.5% than the volumes seen in 2024. For next year, however, global output is expected to grow by 717,000 tons, or 3.2%, to close the year at 23.43 million tons, driven by recovery and expansion from countries like Indonesia, Mongolia, Canada and Russia.

Finally, Chile is estimated to close the year with an output of 5.58 million tons, about 1.5% more than last year, while in 2026 production volumes are forecast to reach 5.75 million tons, 3% more. This will maintain Chile as the world's largest copper producer.

Industrial Info Resources (IIR) is the leading provider of industrial market intelligence. Since 1983, IIR has provided comprehensive research, news and analysis on the industrial process, manufacturing and energy related industries. IIR's Global Market Intelligence (GMI) helps companies identify and pursue trends across multiple markets with access to real, qualified and validated plant and project opportunities. Across the world, IIR is tracking over 200,000 current and future projects worth $17.8 trillion (USD).