The price of copper remains within its expected range despite a recent dip below $3/lb while continued demand from China bodes well for prices over the long term, the CEO of Codelco, the world's largest producer of the red metal, said Monday.
"It is within the range one can expect in a market with some degree of uncertainty, especially about the Chinese market," Thomas Keller told reporters on the sidelines of the Expomin mining industry convention in Santiago.
Despite a notable slowdown in Chinese consumption in recent months that has put pressure on prices, the performance of China's economy -- which consumes around 40% of the world's copper -- remains the biggest influence on prices.
"We are following the performance of the Chinese economy very closely," Keller said. "Clearly there is some uncertainty, but the argument is whether China is going to grow 8%, 7% or 6%. All these are very attractive rates."