Copper rose slightly on Thursday after the Chilean Copper Commission (Cochilco), the public body responsible for sector forecasts, raised its price expectations to record levels due to production constraints in Chile, the world’s top producer of the metal.
The benchmark three-month contract on the London Metal Exchange (LME) gained 0.28%, reaching 10,783 dollars per tonne.
The increase comes as Cochilco raised its price forecasts for 2025 and 2026 to historic levels, in line with market expectations amid ongoing production constraints in the leading copper-producing country, market observers noted.
The commission now anticipates an average copper price of 4.45 dollars per pound in 2025, and 4.55 dollars in 2026, compared with its previous forecast of 4.30 dollars.
“Among other base metals traded on the London Metal Exchange, aluminium gained 0.61%, zinc 0.40% and lead 0.10%, while nickel fell 0.20% and tin remained stable.”
