SUPPLY NEWS - Chile to produce 5.77 mln tns of copper in 2016 - Cochilco

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Ewa Mantheyewa.manthey@fastmarkets.comCorrespondent+44 (0) 20 7337 2146

London 28/04/2016 - Chile, the world's biggest copper producer, should produce 5.77 million tonnes of the metal in 2016, state copper commission Cochilco said.

Prices for the metal are seen averaging $2.15 per pound for the year and $2.20 per pound in 2017, Cochilco also said. In 2017, Cochilco sees Chile producing 5.95 million tonnes of copper.

Cochilco's new forecasts are little changed from its previous forecast in January.

"No significant changes are evident in the economic and financial conditions of major world markets or the prospects for copper's supply and demand," it said.

"In the last quarter China has not shown a significant change in its deceleration trend; Brazil and Russia continue in their recession trend, while the US economy has slowed its pace of recovery," it added.

Copper output in Chile declined to 453,600 tonnes in January - the lowest since August 2015 - and 449,539 tonnes in February, according to the country's National Statistics Institute (INE).

(Editing by Mark Shaw)



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