Chile’s state copper commission Cochilco raised its average copper price forecast for 2025 to $4.30 per pound, citing an improved global outlook following a tariff agreement between the US and China, mining minister Aurora Williams said on Wednesday.

The commission also increased its average price projection for 2026 to $4.30 per pound. Both estimates were previously $4.25 in its February report.

Separately, the agency projected that Chilean copper production will increase by 3% this year and again in 2026, when it is expected to reach 5.84 million metric tons.

The production guidance reflects a downgrade from Cochilco’s February estimate of 4.6% growth in 2025 and 3.6% growth in 2026.

(By Fabian Cambero and Brendan O’Boyle; Editing by Natalia Siniawski)