The Central Reserve Bank of Peru (BCRP) expects the price of copper to rise by 56.5pc by the end of 2021, compared to the average price of the previous year.
In this month’s Inflation Report (IR), the BCRP predicted that the average price of copper would increase to $4.38/lb by the end of this year compared to $2.80/lb in 2020. This represents an increase compared to the forecasts of the IR in March when the Bank considered a 39.3pc increase to $3.90/lb this year against 2020.
The Central Bank’s forecast for next year was also adjusted to an increase of 2.1pc to $ 4.47/lb in 2022 compared to 2021. In the March IR report, the bank had projected the average price to remain at $3.90/lb next year as well.