Chilean state commission Cochilco raised its 2026 average copper price forecast to $5.55 per pound. The agency's first-quarter report also projects an elevated price of $5.10 per pound for 2027.
Strong demand from artificial intelligence, electric vehicles, and the global energy transition drives the updated outlook. The refined copper market will see a narrow surplus of 12,000 tons in 2026 despite rising mine production.
Cochilco's forecast signals a structural deficit in the world's largest copper-producing nation. The report suggests prices will remain supported, impacting strategic planning for global producers and consumers.