Codelco Boosts Price Forecast

Codelco, the world’s biggest copper producer, increased its forecast for the price of the metal to $1.45-1.50 a pound this year, up from $1.30 in March, saying output hasn’t kept pace with demand from China. Copper has averaged $1.48 a pound this year. Earlier this year CEO Juan Villarzu floated the idea of privatizing the state-owned company to allow it easier access to capital markets, but that idea was rejected by Chilean president Ricardo Lagos. Codelco is looking to ramp up production in the next few years.