SANTIAGO: Chile, the world's largest producer of copper, reduced on Thursday (Jul 18) its price projection for the precious metal for 2019 from ...
SANTIAGO: Chile, the world's largest producer of copper, reduced on Thursday its price projection for the precious metal for 2019 from US$3.05 to US$2.89 per pound due to a drop in demand from the planet's largest consumer, China.
In its second-quarterly report the Chilean Copper Commission also reduced its 2020 projection from US$3.08 to US$2.90 a pound, it said in a statement.The drop is because China"is experiencing a cycle of economic slowdown that has undermined expectations for short-term demand," said the statement. That was exacerbated by"macroeconomic and global geopolitical tensions that have reduced the projections of worldwide growth," largely due to a trade war between China and the United States, COCHILCO said.
This"increased the risk aversion of commodity investors, who ignored the fundamental aspects predicting a copper deficit this year," said Jorge Cantallopts, COCHILCO's director of Public Studies and Policies. A deficit of 197,000 tons of refined copper, equivalent to 0.8 per cent of annual consumption, is expected this year.Cantallopts said he expects global copper production of around 20.85 million tons this year, a 0.4 per cent drop on 2018, driven by falling production in China and Indonesia as well as Chile.Chile will likely end 2019 with a production of around 5.8 million tons, similar to last year's level.
Singapore Latest News, Singapore Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
IMF: Singapore's financial sector oversight among world's best, but 2019 growth outlook is weakerTHE International Monetary Fund (IMF) has reaffirmed Singapore's financial sector oversight to be 'among the best globally', and described the country's economic fundamentals as strong, and its economic policies as sound. Read more at The Business Times.
Read more »
STI stocks expected to hand out 7.9% more in dividends for 2019CONSTITUENTS of the FTSE Straits Times Index (STI) are projected to pay out 7.9 per cent more ordinary dividends totalling S$19.2 billion for 2019, thanks largely to bullish forecasts on the payouts from banks. Read more at The Business Times.
Read more »
Apple offers 2019 emoji preview for World Emoji DayTo celebrate World Emoji Day, July 17, Apple previewed designs for a handful of diversity-focused icons from the upcoming emoji set that will officially launch this fall. Following in its tradition of unveiling new emoji designs on the annual and international World Emoji Day, Apple has published images
Read more »
Novartis raises 2019 guidance, helped by Sandoz generics unitNovartis lifted full-year sales and profit targets on Thursday, helped by innovative medicine sales and as the Swiss drugmaker's slimmed-down ...
Read more »
Most popular cruise destination of 2019 is historic French townThis year's best cruise destination is set along the Rhône River in southeastern France and is characterized by its quaint, intimate atmosphere, cobblestone streets, famous Pont d'Avignon (Avignon bridge), medieval ramparts and pastel-colored shutters. Avignon is also a UNESCO World Heritage
Read more »