The update implied a significant increase with respect to the previous projection (US$ 2.9 per pound for 2021). What elements led to the revision of a more conservative projection?.

According to the Chilean entity, the better outlook is based on: high economic growth projected for China, which, according to the World Bank and the International Monetary Fund, would exceed 8% in 2021.

Likewise, the persistent vulnerability of the metal's supply is noted, in addition to the trend towards the depreciation of the dollar in international markets and the growing process of vaccination against COVID-19 in developed economies (United States, Europe and Japan).

On the other hand, during 2021, the copper market would present a deficit of 70,000 tons, while in 2022 the condition changes to a surplus of 116,000 tons.

In this sense, the pandemic still has the potential to impact market expectations. However, he anticipates that if the pandemic gets out of control in the main producing countries, the price of the red metal could be higher than projected.