The average copper price for 2015 would stand at a range of between $2.90 to $3.1/lb, maintaining its downward trend, according to Minería Chilena. During 2013, the average was $3.32/lb, while this year the average price is $3.14/lb so far and in October was $3.04/lb.

Sergio Hernandez, Executive Vice President of the Comisión Chilena del Cobre (COCHILCO) says there are factors that have prevented a further decline the copper price, such as the continuous reduction of inventories in the metal exchanges, the increasing use of copper as active collateral for loans in China and a limited supply. According to Cochilco in 2015 “the surplus of refined copper would stand at 429,000 t, slightly more than expected this year, leading to copper to settle at $3.00/lb”.

Meanwhile, the Mining & Metals Manager of Mitsui Chile (Mitsui & Co.) Eduardo Zamanillo, expects the average price of copper in 2015 will fall in a range between $2.90 and $3.1/lb. His colleague from the Consejo Minero, José Tomás Morel, agrees: “while this year is expected to close in the near average $3.1/lb, 2015 projections are around $3.0 and medium-term $ 2.9/lb“.