This morning in metals news, Chilean state copper agency Cochilco again trimmed its average copper price prediction for the year, China’s state-owned aluminum producer Chinalco is looking abroad and oil prices are up for the second straight day.
Copper Price Prediction Falls
Chile’s state copper agency, Cochilco, lowered its average copper price prediction for the year, Reuters reported.
According to the report, it downgraded its prediction by $0.03 to $2.97/pound.
Chinalco Looks Abroad
Amid challenges at home, the state-run aluminum major Chinalco is looking elsewhere to buttress its business.
According to a Bloomberg report, the global aluminum market is set to swing from a deficit to a surplus in 2019, which will put pressure on the aluminum producer (in tandem with rising prices of raw materials).
Bloomberg cites Chinalco’s deputy general, Ao Hong, who said the firm is looking into an Indonesian alumina project.
Oil Prices Rise Again
The oil price made gains for the second straight day Thursday, Reuters reported.
After exceeding the $80/bbl mark in September — its highest level since 2014 — the price has come off in the last six weeks.
According to the report, OPEC is considering a cut of up to 1.4 million barrels per day next year to head off a further plunge in the price.