Cochilco Boosts Copper Price Forecast Amid Mine Disruptions

Cochilco, Chile's copper commission, has raised its copper price forecast for 2026 to $5.95 per pound from May's estimate of $5.55 per pound.

The increase reflects solid demand for the red metal and unstable supply marked by operational disruptions at key copper mines, including Grasberg in Indonesia and Kamoa-Kakula in the Democratic Republic of Congo.

Cochilco expects a refined copper surplus of 225,000 tonnes this year, just 0.8% of global demand, and predicts Chile's output will drop to 5.27 million tonnes in 2026 before increasing by 5.2% in 2027.