Chile cuts copper price forecastBy BUUMBA CHIMBULUCHILE’S copper commission, Cochilco, has reduced its average copper price forecast for the year to $4.20 per pound from a previous estimate of US$4.30 per pound on the back of slowing Chinese demand and expectations of an easing in United States stimulus.Prices are expected to average US$3.95 next year as the market swings into surplus, according to Cochilco’s latest copper market trends report, according to Mining.Com magazine.“After reaching record levels in May, the metal, used in construction and green energy-related infrastructure, has retreated and then bounced around in a tight range.“Three-month copper rose on Wednesday on the London Metal Exchange (LME) for the first time this week, climbing 0.7 percent to US$9,505 per tonne,” the magazine stated.The magazine stated that Chinese demand for the metal had slowed down and traders were expecting the United States Federal Reserve to start withdrawing stimulus.At the same time, it indicated, the supply side had mostly recovered from […]