Cochilco Raises 2026 Copper Price Forecast to $5.55/lb as Metal Hits Record $6.39/lb on LME

Chile's national copper commission COCHILCO revised its 2026 annual average copper price forecast sharply upward — from US$4.95 per pound to US$5.55 per pound — citing surging global demand driven by electrification, AI data center infrastructure, and the green energy transition. Copper prices briefly reached a 2026 record of US$6.39 per pound on the London Metal Exchange, representing a 38%+ annual gain and the highest nominal copper price in history. COCHILCO simultaneously revised Chile's 2026 production forecast slightly downward by approximately 2%, to 5.3 million metric tonnes, citing operational disruptions at some mines despite Codelco posting 3.7% YoY output growth in its Q1 2026 report. The price surge significantly improves Chile's fiscal outlook, given copper represents approximately 50% of total export revenues and CODELCO remains a major source of direct transfers to the state budget. Chile's lithium exports also rose sharply: Q1 2026 revenues reached $1.108 billion, up 147.7% YoY.