Chile Raises 2010 Copper View

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Better economic projections and a slower fall in demand improved this year's forecast.

Chile's state copper think tank Cochilco said Friday it raised its forecast for copper prices to $3.20 per lb in 2010 despite the ongoing market volatility stemming from Europe's debt woes.

Cochilco, which helps set price views for the world's top copper miner Codelco [CODEL.UL], said it also raised its 2011 average copper price forecast to $3.30 from $3.20.

"Better economic projections in some developed countries like the United States and Japan and a slower fall in demand in China have improved the price forecast for the year," said Cochilco's head of studies, Ana Isabel Zuniga.

Stronger global demand expectations have also increase price forecast.

Cochilco added that the current global financial turbulence stemming from Europe's debt woes will have little impact on price projections.

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