The price of copper fell by 1.6 percent, reported the Chilean Copper Council.

The Chilean Copper Council (Cochilco) reported that the price of copper, a major Chilean export commodity, was USD 3.83 per pound on Friday, marking a weekly decline of 1.6 percent.

This was mainly attributed to Fitch’s downgrade of the US credit rating due to expected fiscal deterioration over the next three years and high government debt, which negatively affected the commodity.

Cochilco noted that the total stock of refined copper in the three metal exchanges rose by 3.6 percent this week, reaching 6,000 tons. Compared to the end of 2022, stocks decreased by 10% in 2023.

The agency recently adjusted the average price estimate for copper in 2023 to USD 3.85 per pound. For 2024, the forecast is $3.75 per pound.

According to a recent report, growth prospects for global copper production for 2023 are modest, with an expected increase of 2.8% from the previous year.

In Chile, a 1 percent increase in copper production is expected, while a 4.3 percent increase is expected in 2024.

Consumption of refined copper continues to grow on the demand side, with an expected increase of 2.1% in 2023 and 2.4% in 2024.

By 2024, a 4% increase in refined copper supply and a 3.1% increase in demand are expected, leading to a market surplus.

Source: Vikingen.se

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