Cochilco Raises Copper Price Forecast on Supply Constraints

Cochilco, Chile's copper commission, has increased its forecast for copper prices in 2026 to $5.95 per pound.

This revised estimate reflects ongoing supply constraints and robust demand for the red metal.

The commission cited operational setbacks at key mines, including the Grasberg mine in Indonesia, as well as lower production volumes from Codelco, Escondida, and Spence in Chile.

Cochilco expects a refined copper surplus of 225,000 tonnes this year, which is equivalent to just 0.8% of global demand.