According to SMM, the Chilean Copper Commission (Cochilco) has raised its copper price forecast for this year and next year. Cochilco now expects the average copper price this year to be US$4.30 per pound, higher than the previous forecast of US$3.85. For 2025, the expected average copper price is US$4.25 per pound, higher than the previous forecast of US$3.90. In a report, Cochilco said, "Although high copper prices have hit manufacturers' willingness to stock up, demand remains strong." The commission said that copper prices have risen since March due to various factors. These include the shutdown of First Quantum's copper mine in Panama, expected declines in production in Chile and Peru, and a supply-demand imbalance. Cochilco predicts a copper supply shortage of 364,000 tons this year and 278,000 tons in 2025.