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Peru: BCR increases 2019, 2020 copper price projections due to lower trade tension

12:57 | Lima, Dec. 24.

The Central Reserve Bank (BCR) raised its copper price projections for this year and the next one, after analyzing the decline in trade tensions between the United States and China.

"The lower commercial tensions between the United States and China may favor the evolution of the prices of our export commodities," BCR Governor Julio Velarde expressed while presenting the Inflation Report-December 2019.

According to the latest report, BCR expects for the closing of 2019 a copper price of US$2.73 per pound, higher than the estimate in the Inflation Report of September (US$2.71).

Likewise, the issuing entity revised upwards the red metal price projection for 2020, raising it from US$2.62 per pound (September) to US$2.77 (December).

The BCR has also projections for different metals such as: zinc (from US$1.14 to US$1.16) and gold (US$1,393 to US$1,394 per ounce), while maintaining its forecast for lead (US$0.91).

Furthermore, in its estimates for 2020, the monetary authority maintains the projection for zinc (US$1.03), but revised down the prices of: lead (from US$94 to US$88) and gold (from US$1,495 to US$1,480 per ounce).

As is known, Peru remained the second largest producer of copper, silver, and zinc in the world in 2018, the Energy and Mines Ministry reported last May.

(END) RGP/JJN/MVB

Published: 12/24/2019
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