Commodity Market Report

Global copper short-term outlook April 2019

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30 April 2019

Global copper short-term outlook April 2019

Report summary

April started on a positive note with prices breaching $6500/t over the first trading days of the month. Better-than-expected GDP data out of China pushed copper to a 9-month peak mid-month before rising LME inventories and deteriorating macroeconomic data in the rest of the world curtailed the rally. Slowing manufacturing sectors continued to be a theme through Q1 2019, with many countries in Europe dropping into PMI contraction whilst USA results deteriorated towards 50 points. First-use copper demand in China gradually picked up following the introduction of stimulus packages by the Chinese Government in March. Meanwhile, in the concentrate market, momentum that had built up in market activity ahead of CESCO Week tapered off considerably, with traders reporting relatively quiet trading conditions thereafter. Nevertheless, spot TCRCs continued to trend lower for the month. With tightness in the market for clean material, we have seen notably sharp terms agreed by merchants.

Table of contents

  • Market developments
  • Japan
  • Turkey
  • Middle East
    • Blister/anode and scrap markets
    • Production news

Tables and charts

This report includes 22 images and tables including:

  • LME cash price and 3-month spread
  • LME regional stocks (kt)
  • COMEX and SHFE stocks (kt)
  • SHFE front month vs. LME cash prices
  • Price forecasts and world quarterly supply/demand balance (kt)
  • Japanese IP and manufacturing PMI slow in Q1 2019
  • Turkish copper wire rod trade
  • Sarkuysan semis production, sales and exports
  • Middle East solar PV and associated copper content demand forecasts
  • Production and shipments of copper wire rod and copper semis - kt
  • Global quarterly refined copper consumption - kt
  • Concentrate market TCRCs
  • Global copper-in-concentrate stock changes (kt Cu)
  • Blister market RC
  • Global mine production - breakdown by product type (kt copper in concentrate & leach output)
  • Global copper refined consumption (kt)
  • Global copper mine production (kt copper in concentrate & leach output)
  • Global copper smelter production (kt)
  • Global copper refinery production (kt)
  • Copper stocks
  • Copper prices and premia
  • Copper supply/demand balance global summary (kt)

What's included

This report contains:

  • Document

    Global copper short-term outlook data tables April 2019.xls

    XLS 305.50 KB

  • Document

    Global copper short-term outlook April 2019

    PDF 1017.87 KB

  • Document

    Global copper short-term outlook April 2019

    ZIP 1.04 MB

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