SANTIAGO, July 30 (SMM) -- Chile's state copper commission Cochilco revised up its forecast for this year's average copper price to USD 1.95/lbs from the previous estimate of USD 1.75/lbs on Wednesday due mainly to its prediction with regard to global economic recovery in late 2009.
Meanwhile, Cochilco revised up its forecast for 2010's average copper price to USD 2.10/lbs, although it predicts Chinese demand for copper will fall in late 2009 compared to 1H 2009. Cochilco said Chinese copper demand in 1H 2009 was better than its expectations.
Cochilco maintained its forecast of Chile copper output in 2009 unchanged at 5.4 million mt, and also maintained its forecast of 2010 copper output unchanged at 5.75 million mt.
Collahuasi copper mine in Chile predicts its output will drop by 5% this year due to power outage, and whether Cochilco takes this factor into account or not remains unknown. However, Santiago Gonzalez, Minister of Mines in Chile, said previously he predicted this year's average copper price will be USD 2/lbs.
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