Chile’s state copper commission, Cochilco, has revised its average price forecast upwards for the next two years. The new estimates point to copper averaging $4.05 per pound in 2025, with a further increase to $4.25 in 2026.
Supply pipelines are not keeping pace with projected demand, and while electric vehicles and renewable energy continue to support long-term consumption, the real story now is underinvestment and disruption on the supply side. Chile, the world’s largest copper producer, is experiencing shortfalls in mine output and delays in new project timelines.
Meanwhile, copper import data from China shows a dip in near-term activity, with cathode imports falling more than 22% year-on-year in October. On the surface, this could imply weaker demand, but local production in China is still rising, up nearly 9% versus last year.
With US rate expectations softening, broader risk assets have gained ground, and copper has moved with them. The market briefly touched $3.84 per pound last week, its highest since August.
Great Western Mining Corporation Plc (LON:GWMO) is a mineral exploration and development company, incorporated in Ireland with operations in the USA.
