Chile, the world’s largest producer of copper, is preparing to slash its official price estimate for 2025, the Wall Street Journal reported on Saturday.
The Chilean government will cut the estimated average price to $3.90 to $4 a pound from a current projection for the year of $4.25 a pound, the WSJ said, citing a person familiar with the preliminary calculations.
Chile will publish the revised price estimate at the end of April, the newspaper said.
In February, Chile’s state copper commission, Cochilco, held its 2025 price forecast steady at $4.25 after raising it from $3.85 in May 2024.
The commission also extended the $4.25 forecast for 2026 and said it expected copper prices to remain over $4.00 a pound for the next decade.
Commodities prices including oil and other goods fell this week after new US tariffs fueled fears of a global recession.
(By Rishabh Jaiswal; Editing by Cynthia Osterman)
