Foreign media, January 26: The Chilean Copper Commission (Cochilco) on Thursday raised its 2023 copper price forecast to $3.85/lb, up from a December estimate of $3.70/lb, as global inventories fell. Cochilco also forecasts that copper prices will average $3.65 a pound in 2024.

Chilean Mining Minister Marcela Hernando said that China's relaxation of epidemic prevention and control policies, North American monetary policy has eased due to falling inflation, and the European economic recession may be milder than expected, all of which will help boost copper prices . In addition, copper inventories at historically low levels, coupled with market concerns about reduced copper supplies, also pushed copper prices higher.

A separate report from Cochilco on Wednesday showed that copper production in Chile will grow at a slower rate this decade, and that this forecast is based on all ongoing projects being able to come online. Cochilco also expects a global copper supply surplus of 160,000 tons in 2023 and 360,000 tons in 2024, which is equivalent to two to five days of copper consumption.

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