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PrintIANS reported that the average price of copper in 2012 will come in at USD 3.84 per pound.
A score of analysts surveyed by the Chilean Copper Commission said that forecasted price is up by USD 0.22 relative to a November 2011 poll.
The agency said that copper output in Chile, the world's leading producer of the red metal totaled 5.6 million tonnes last year. Copper accounts for 60 percent of the total value of the South American country's exports which in 2011 amounted to USD 81.4 billion.
Ms Maria Cristina Betancour head of studies and public policy of Cochilco said that experts incorporated into their forecasts the expectation of a mild recession in the eurozone, a lower probability of a global financial crisis and a soft landing for the Chinese economy.
The analysts expect the price of copper to average USD 3.86 per pound in the H2 of 2012 before falling to an average of USD 3.77 per pound in 2013. The experts, who are forecasting a downward trend over the medium and long term, predict a price of USD 3.05 per pound in 2017.
Cochilco said that copper prices are useful in predicting various economic variables, including Chile's gross domestic product growth, the peso exchange rate and tax revenues
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