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Chile raises copper price forecast, citing lagging production at Collahuasi mine
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Release time：2025-07-24
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Chile, the world's largest copper supplier, raised its copper price forecast on Wednesday but noted that production shortfalls at a major copper mine operated by Glencore and Anglo American are putting pressure on economic growth.
In a report to Congress, Finance Minister Mario Marcel raised the government's forecast for the average copper price this year from US\$4.26 per pound to US\$4.28 per pound. Marcel maintained the official forecast of 2.5% GDP growth this year, but said that non-mining GDP has offset the decline in mining contributions. He stated, "In recent months, we have seen a slowdown in production, mainly due to lower output from the Collahuasi mine." Collahuasi is operated by Glencore and Anglo American. Earlier on Wednesday, the chairman of Codelco, Chile's largest copper producer, told Reuters that the US will impose a 50% tariff on copper starting August 1, impacting record-high US copper prices and causing price volatility due to global uncertainty.
The Chilean Ministry of Finance maintained its forecast for the average copper price next year at US\$4.30 per pound. In addition, the Ministry maintained its inflation expectations for this year and next, as well as its GDP growth forecast for next year.
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