Chile, the largest copper producer, raised its price forecasts for this year and next, according to ING commodities experts Ewa Manthey and Warren Patterson.
Copper supplies have been hit by a wave of disruption
“The country’s copper agency Koshelco cited global supply disruptions, low interest rates, a weak dollar and the resilience of the global economy. Copper is expected to average $4.45 a pound this year and $4.55 in 2026, according to Koshelco’s quarterly report. It previously forecast $4.30 for both this year and next.”
“Copper supplies have been hit by a wave of disruptions this year, including an accident at the El Teniente mine in Chile in July.”
“Cochilco now expects no production growth in Chile for this year, down from a previous forecast of 1.5%. In 2026, Chilean production is expected to grow 2.5% to 5.6 million metric tons. However, the key assumption around growth next year is that El Teniente will operate as usual, which Codelco says is unlikely.”
