July 24, 2018 / 3:13 PM / a month ago

Chile's state copper agency cochilco estimates global copper demand will grow by 0.4 pct this year

July 24 (Reuters) - Chile’s state copper agency Cochilco revised its average copper price prediction downwards by $0.06 per pound to $3 on Tuesday, citing the trade war between the United States and China as a reason for a drop in the red metal’s price.

Cochilo said it expected the price to edge back upwards to $3.10 in 2019. It estimated production would be 5.7 million tonnes in 2018 and 5.94 million tonnes in 2019. The projection for this year represented an increase of 4.7 percent on last year, due to a long-running copper strike that blighted 2017 production.

Cochilco estimated global copper demand would edge up by 0.4 percent this year.

Reporting by Antonio De La Jara; writing by Aislinn Laing

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