According to the China Fund Network, the reason why the Chilean Copper Committee lowered its copper price forecast is because of the uncertainty of China's growth, the economic downturn in the euro zone and doubts about the growth of the United States. The Chilean Copper Committee also predicts that there will be an oversupply of about 6.5438+0.3 million tons in the global copper market in 2023, and Chile's copper production will increase by 654.38+0% every year to 5.4 million tons. In 2024, Chile's copper production is expected to increase by 4.3%, reaching 5.6 million tons per year. According to the Copper Committee, the second phase of Quebrada Branca Copper Mine, a subsidiary of Tektronix Resources Company, is the main force for output growth. In the first five years of production, the average annual output of the mine is expected to reach 286,000 tons. Antaike, a state-run research institute in China, reported that due to the lack of strong demand growth in China's economy, copper prices may fall to $7,000 per ton or $ 3. 18 per pound in the second half of the year. Leiden, head of commodity research at Citigroup, reported that the market of electric vehicles and renewable energy will promote the growth of copper demand and boost the price of copper. It is estimated that by 2025, the copper price will reach $65,438 +0.5 million per ton.