SHANGHAI, Oct. 28 (SMM) –Cochilco cut copper price forecast for 2015 and 2016, citing weaker-than-expected demand for the red metal, cnmn reported.
Cochilco sees copper prices averaging $2.53/lb in 2015 and $2.5/lb in 2016, down from its previous projection of $2.77/lb and $2.7/lb.
The company expects global refined copper consumption to grow 0.9% in 2015, lower than 8.4% growth in 2014, citing weaker-than-expected demand in China and other countries. The company predicts that global refined copper consumption will grow 2.2% in 2016.
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