SANTIAGO, Dec 14 (Reuters) - The state-owned Chilean Copper Commission (Cochilco) on Wednesday cut its projection for the price of copper for 2023 to $3.70 per pound due to greater supply.
The agency in July had estimated a copper price of $3.95 per pound in 2023.
Cochilco also slightly lowered its 2022 forecast to $3.98 dollars, from the average $4.00 it estimated in July.
In addition, the agency projected a production volume for Chile of 5.3 million tonnes of copper for 2022, which is a year-on-year decline of 5.8%. For 2023 the agency projects growth of 7.5% to 5.7 million tonnes.
Chile is the world's largest producer of copper.
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