Commodity Market Report

Global copper short-term outlook April 2021

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30 April 2021

Global copper short-term outlook April 2021

Report summary

The risk-off tone that set in across the markets in March continued into the first half of April. Three-month copper prices remained fairly erratic, trading within a US$400/t range through to the 13 April. Then, much like in February, prices rallied from the middle of the month, initially on the back of short covering. The latest data from the LME, SHFE and the Commitments of Traders suggest that new longs have since come into the market, driving copper back up to new highs. Indeed, three-month copper briefly breached the US$10,000/t level on 29 April before retracing to close lower at US$9885/t by the end of that session. Prices have risen on the back of a combination of renewed speculative interest, declining LME stocks, a weaker dollar and lower production numbers that suggest some Covid-related supply problems continue.

Table of contents

Tables and charts

This report includes 23 images and tables including:

  • LME 3-month copper - highs and lows (US$/t)
  • LME copper prices vs trade weighted dollar index
  • Daily LME prices and LME stock changes
  • Indexed LME cash prices
  • Premia
  • ShFE front month vs LME cash prices ($/t)
  • Price forecasts and world quarterly supply-demand balance (kt)
  • Concentrate market TCRCs
  • Global copper-in-concentrate stock changes (kt Cu)
  • Seasonal and calendar adjusted IP index
  • Sarkuysan wire rod production and sales
  • Production and shipments of copper wire rod and copper semis - kt
  • Global quarterly refined copper consumption - kt
  • 2021 Planned maintenance for Chinese smelters
  • Blister market RC
  • Global mine production - breakdown by product type (kt copper in concentrate and leach output)
  • Global copper refined consumption (kt)
  • Global copper mine production (kt copper in concentrate and 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 April 2021

    PDF 1.17 MB