Incoming Codelco CEO 'optimistic' about long-term copper price

SANTIAGO (Reuters) – The incoming CEO of Chile’s state copper miner Codelco is “optimistic” about the red metal’s long-term market price despite the global volatility caused by the U.S.-China trade war. “There is a lot of volatility at this moment because of everything that’s happening in the world, but we remain optimistic about the long-term outlook,” Octavio Araneda said, answering a question from Reuters about future copper pricing. In April, Chile’s Cochilco state copper commission held its estimate for the price of copper at $3.05 per pound, rising to $3.08 for 2020 on improving prospects for growth in China.

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