Cochilco forecasts global copper deficit in 2020, price up to $2.85 per lb

The supply-demand dynamics in the global copper market were likely to turn into a deficit in 2020, helping to boost the average price to $2.85 per lb during the year, Chilean state copper commission Cochilco said on Thursday January 30.

The shortage of copper output to meet expected demand was expected because the world's consumption of the red metal will go up this year while the volume of copper scrap processing will diminish, Cochilco added.
It suggested a figure for the estimated deficit of 22,000 tonnes.
The average copper price will then rise further in 2021, Cochilco said, reaching $2.95 per lb, despite fundamentals swinging back to a surplus of 88,000 tonnes. The commission calculated that the surplus in 2019 reached 50,000 tonnes globally.

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