(Reuters) - Chile reduced its global outlook for copper prices to an average $3.05 per pound this year, down from its previous estimate of $3.15, as prospects for growth ease in top buyer China.
Prices are expected to further lose ground in 2015, falling to $3.00 per pound, state copper commission Cochilco said on Tuesday.
World No.1 copper producer Chile is expected to boost its output by 5.0 percent this year to a record 6.07 million tonnes of the red metal as the new Ministro Hales, Sierra Gorda and Caserones mines come on line, Cochilco added.
Chile, which produces a third of the world's red metal, is expected to further increase its production by 2.8 percent to 6.24 million tonnes next year.
Increased mining output is poised to trigger a global copper surplus of 373,000 tonnes this year, which Cochilco's new president Sergio Hernandez deemed "not significant."