Commodity Market Report
Global copper long-term outlook Q2 2019
Report summary
The market continues to be at the mercy of wider global developments, with bearish sentiment brought about by a deterioration in China-US relations over the past three months. These factors have weighed heavily on prices and have continued to overshadow any positive news flow, despite a tight fundamental picture for copper. Over the medium-term, as supply from the projects committed since 2017 begins to hit the market and consumption softens in parallel with a cooling global macroeconomic outlook, we expect to see a return to surplus. Nevertheless, the market still requires additional capacity to close the supply gap that is set to emerge over the long-term.
Table of contents
- Market outlook
- Demand update
- Scrap update
- Supply update
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