Copper prices to average at $2.95 to $3 per lb in 2015: Cochilco

Author: Paul Ploumis09 Jan 2015 Last updated at 05:09:18 GMT

SANTIAGO (Scrap Monster): According to forecast by the Chilean Copper Commission (Cochilco), the copper prices are estimated to average at $2.95 to $3.000 per lb in 2015. The estimates have been slightly lowered when compared with the Commission’s earlier forecast of $ 3 per lb in 2015.

Meanwhile, the Commision notes that weekly average copper prices fell slightly by 2.6 cents per pound during the week from December 29th to January 2nd, 2015 with respect to the average reached last week. The week observed moderate increase in inventories at metal exchanges. The transaction volumes remained low. The strength of US dollar in the international market pushed down the metal prices. The contraction in Chinese manufacturing sector raised doubts about the metal prospects in 2015.

At the end of this week inventories in Metal Exchanges registered an increase of 4,835 tonnes, equivalent to 1.6% with respect to last Friday. The current inventory levels represent 5.3 days of consumption.