{"id":35273,"date":"2025-11-20T17:37:38","date_gmt":"2025-11-20T09:37:38","guid":{"rendered":"https:\/\/www.vtmarkets.com\/?p=35273"},"modified":"2025-11-20T17:37:38","modified_gmt":"2025-11-20T09:37:38","slug":"copper-steadies-as-chile-lifts-price-outlook","status":"publish","type":"post","link":"https:\/\/www.vtmarkets.com\/en-asia\/analysis\/copper-steadies-as-chile-lifts-price-outlook\/","title":{"rendered":"Copper Steadies as Chile Lifts Price Outlook"},"content":{"rendered":"\n<figure class=\"wp-block-image size-large\"><a href=\"https:\/\/www.vtmarkets.com\/precious-metals\/\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"559\" src=\"https:\/\/www.vtmarkets.com\/en-asia\/wp-content\/uploads\/sites\/27\/2026\/03\/Image_fx-11-1024x559.jpg\" alt=\"\" class=\"wp-image-35278\" \/><\/a><\/figure>\n\n\n\n<p><strong>Key Point<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Chile\u2019s Cochilco<\/strong> raised its 2025 price forecast to <strong>$4.45 per pound<\/strong> and <strong>$4.55 for 2026<\/strong>, up from <strong>$4.30<\/strong> previously.<\/li>\n\n\n\n<li><strong>LME three-month copper<\/strong> inched up <strong>0.07% to $10,760.50 a ton<\/strong>, while <strong>Shanghai copper futures<\/strong> gained <strong>0.14% to 86,080 yuan ($12,099.23)<\/strong>.<\/li>\n<\/ul>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity is-style-dots\" \/>\n\n\n\n<p>Copper prices edged higher after <strong>Cochilco<\/strong>, Chile\u2019s state copper commission, lifted its outlook for 2025 and 2026, signalling expectations of tighter supply amid production challenges in the world\u2019s largest producer.<\/p>\n\n\n\n<p>The commission now expects copper to average <strong>$4.45 per pound in 2025<\/strong> and <strong>$4.55 in 2026<\/strong>, citing disruptions to output and sustained demand from the green transition sector.<\/p>\n\n\n\n<p>The upward revision reinforced bullish sentiment across global metals markets, though the price reaction was restrained by broader macroeconomic uncertainty.<\/p>\n\n\n\n<figure class=\"wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter\"><div class=\"wp-block-embed__wrapper\">\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\"><p lang=\"en\" dir=\"ltr\">AI is changing copper&#39;s role as an economic barometer, says <a href=\"https:\/\/twitter.com\/johnauthers?ref_src=twsrc%5Etfw\">@johnauthers<\/a>, while Italy is reaching new heights (via <a href=\"https:\/\/twitter.com\/opinion?ref_src=twsrc%5Etfw\">@opinion<\/a>)  <a href=\"https:\/\/t.co\/5O7PnVn9WD\">https:\/\/t.co\/5O7PnVn9WD<\/a><\/p>&mdash; Bloomberg (@business) <a href=\"https:\/\/twitter.com\/business\/status\/1988466845515411937?ref_src=twsrc%5Etfw\">November 12, 2025<\/a><\/blockquote><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script>\n<\/div><\/figure>\n\n\n\n<h2 class=\"wp-block-heading has-medium-font-size\">Fed Uncertainty Caps Gains<\/h2>\n\n\n\n<p>The rally in copper was tempered by caution ahead of the <strong>Federal Reserve\u2019s December meeting<\/strong>, with markets pricing a roughly <strong>47% chance<\/strong> of a <strong>25 basis point rate cut<\/strong>, down from 90% a month earlier.<\/p>\n\n\n\n<p>Minutes from the Fed\u2019s latest meeting revealed a divided stance among policymakers, fuelling speculation that the central bank may keep rates on hold longer than anticipated.<\/p>\n\n\n\n<figure class=\"wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter\"><div class=\"wp-block-embed__wrapper\">\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\"><p lang=\"en\" dir=\"ltr\">Fed minutes: &#39;Strongly differing views\u2019 about cutting rates in December <a href=\"https:\/\/t.co\/yGNTReb7Dj\">https:\/\/t.co\/yGNTReb7Dj<\/a><\/p>&mdash; Yahoo Finance (@YahooFinance) <a href=\"https:\/\/twitter.com\/YahooFinance\/status\/1991254714629910623?ref_src=twsrc%5Etfw\">November 19, 2025<\/a><\/blockquote><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script>\n<\/div><\/figure>\n\n\n\n<p>A stronger US dollar this week has also limited upside momentum for commodities priced in greenbacks.<\/p>\n\n\n\n<h2 class=\"wp-block-heading has-medium-font-size\">China Demand Remains Weak<\/h2>\n\n\n\n<p>Weaker import data from <strong>China<\/strong>, the world\u2019s largest copper consumer, also curbed enthusiasm. The country imported <strong>279,944 tons<\/strong> of copper cathodes in October, marking a <strong>22.1% year-on-year<\/strong> and <strong>15.65% month-on-month<\/strong> decline.<\/p>\n\n\n\n<figure class=\"wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter\"><div class=\"wp-block-embed__wrapper\">\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\"><p lang=\"en\" dir=\"ltr\">As the busy period for Chinese manufacturing draws to a close, copper consumption has largely disappointed with run rates at fabricators plumbing multiyear lows for the season <a href=\"https:\/\/t.co\/c36PLIk2RT\">https:\/\/t.co\/c36PLIk2RT<\/a><\/p>&mdash; Bloomberg (@business) <a href=\"https:\/\/twitter.com\/business\/status\/1991334774695166362?ref_src=twsrc%5Etfw\">November 20, 2025<\/a><\/blockquote><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script>\n<\/div><\/figure>\n\n\n\n<p>The data underscored slowing industrial activity despite Beijing\u2019s fiscal stimulus efforts, and traders remain wary that demand recovery could be gradual into early 2026.<\/p>\n\n\n\n<h2 class=\"wp-block-heading has-medium-font-size\">Technical Analysis<\/h2>\n\n\n\n<p>Copper futures traded around <strong>$4.98 per pound<\/strong>, down <strong>0.56%<\/strong> intraday. Prices remain range-bound between <strong>$4.85 support<\/strong> and <strong>$5.10 resistance<\/strong>, with the <strong>MACD<\/strong> signalling a mild bearish divergence as momentum cools.<\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><img decoding=\"async\" src=\"https:\/\/www.vtmarkets.com\/en-asia\/wp-content\/uploads\/sites\/27\/2026\/03\/image-32-1024x449.jpg\" alt=\"\" class=\"wp-image-35274\" \/><\/figure>\n\n\n\n<p>The broader trend remains constructive so long as copper holds above its <strong>50-day moving average near $4.90<\/strong>, though a break below this level could expose the <strong>$4.75<\/strong> area next.<\/p>\n\n\n\n<h2 class=\"wp-block-heading has-medium-font-size\">Cautious Forecast<\/h2>\n\n\n\n<p>While supply constraints in Chile and optimism around industrial demand support copper\u2019s long-term outlook, the short-term trajectory remains tied to Fed policy and Chinese demand recovery.<\/p>\n\n\n\n<p>Traders are likely to stay cautious ahead of Thursday\u2019s <strong>US jobs data<\/strong>, which could shift expectations for December\u2019s policy decision and with it, the next move for the red metal.<\/p>\n\n\n\n<p><strong>Learn more about trading <a href=\"https:\/\/www.vtmarkets.com\/precious-metals\/\" target=\"_blank\" rel=\"noopener\" title=\"\">Precious Metals<\/a> on VT Markets.<\/strong><\/p>\n\n\n\n<p><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Copper prices climbed on Thursday after Chile\u2019s state copper commission raised its long-term price forecast to record highs. &#8211; vtmarkets.com<\/p>\n","protected":false},"author":64,"featured_media":35278,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[31],"tags":[78,13],"class_list":["post-35273","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-analysis","tag-copper","tag-precious-metals"],"acf":{"acf_article_selection_author":""},"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/www.vtmarkets.com\/en-asia\/wp-json\/wp\/v2\/posts\/35273","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.vtmarkets.com\/en-asia\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.vtmarkets.com\/en-asia\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.vtmarkets.com\/en-asia\/wp-json\/wp\/v2\/users\/64"}],"replies":[{"embeddable":true,"href":"https:\/\/www.vtmarkets.com\/en-asia\/wp-json\/wp\/v2\/comments?post=35273"}],"version-history":[{"count":0,"href":"https:\/\/www.vtmarkets.com\/en-asia\/wp-json\/wp\/v2\/posts\/35273\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.vtmarkets.com\/en-asia\/wp-json\/wp\/v2\/media\/35278"}],"wp:attachment":[{"href":"https:\/\/www.vtmarkets.com\/en-asia\/wp-json\/wp\/v2\/media?parent=35273"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.vtmarkets.com\/en-asia\/wp-json\/wp\/v2\/categories?post=35273"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.vtmarkets.com\/en-asia\/wp-json\/wp\/v2\/tags?post=35273"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}