SÃO PAULO Chiles central bank has lowered its copper price forecast for 2013 to $3.25 per pound ($7,164 per tonne) from its March estimate of $3.50 per pound, according to a central bank report.
The copper price is forecast at $3.05 per pound for 2014 vs. a prior target of $3.40 per pound, the report said, citing low metal prices and uncertainties in the international economy are the cause of the lower estimates.
"The world (economy) is expected to grow more slowly and manufacturing sectors are experiencing a generalized slowdown ... in addition copper price has fallen around 20 percent from the $4-per-pound averaged in 2011," the report said.
The Chilean central bank also lowered its gross domestic product growth forecast for 2013 to 4 to 5 percent, from 4.5 to 5.5 percent in March.
"A relevant set of mining and energy long-term projects are entering their final stage. In addition, there are transitional elements related to specific purchases of capital goods which are presenting greater volatility," the report said.
A version of this article was first published in AMM sister publication Metal Bulletin.