Chilean analysts surveyed by the Chilean Copper Commission have cut their outlook for the 2014 copper price to $3.07/lb, down 7 cents from the last survey released in October, Cochilco recently said.
Chile is the world’s largest copper producer and forecast to produce 6 million million tons of the red metal this year. The Cochilco survey came a day after Chilean Finance Minister Alberto Arenas said the government had cut its copper price forecast to $3.05 a lb, from $3.25 a lb predicted in September.
US copper producer grade 110 price closed up Tuesday, June 3 at $3.87 per pound, halting two days of weakening prices with a 1.0 percent shift. Following a 1.0 percent rise on Tuesday, the price of US copper producer grade 122 closed at $3.87 per pound. After falling for two days, the price of US copper producer grade 102 rose 1.0 percent to $4.06 per pound. The Japanese copper cash price declined 0.3 percent to JPY 736,000 ($7,185) per metric ton.
Chinese copper prices were mixed for the day. At CNY 50,130 ($8,023), the price of Chinese copper wire finished the market day up 0.8 percent per metric ton. Chinese copper bar prices rose 0.8 percent to CNY 50,960 ($8,156) per metric ton. The Chinese copper cash price inched up 0.8 percent to CNY 51,160 ($8,188) per metric ton. For the fifth day in a row, the price of Chinese bright copper scrap remained essentially flat at CNY 44,300 ($7,090) per metric ton.
After a 0.2 percent increase, the 3-month price of copper finished the day on the LME at $6,922 per metric ton. Also on the LME, the cash price of primary copper increased 0.1 percent to $7,003 per metric ton.