Commodity Market Report
Global copper short-term outlook August 2017
Report summary
The copper market service short term outlook (STO) is published monthly and provides a forecast of copper supply and demand fundamentals over the next two-years. August has seen copper rally to its highest level since September 2014 as the market has benefitted from a combination of dollar weakness, declining exchange inventories, robust macro data and a rise in speculative interest in industrial commodities. In our view, however, prices have run ahead of what is currently justified by the copper market's fundamentals. Lacklustre physical premia indicate that consumers remain well covered for material and overall we expect a broadly balanced market this year.
Table of contents
- Executive summary
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Supply-demand balances
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Market developments
- Price forecasts and world quarterly supply/demand balance - (kt)
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Market developments
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Demand
- China
- Europe
- India
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Supply
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Concentrate markets
- Blister/anode and scrap markets
- Production news
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Concentrate markets
Tables and charts
This report includes 21 images and tables including:
- Copper key forecasts
- Regional exchange stocks (kt)
- Cancelled Warrants as % of LME Stocks (kt)
- CFTC copper positions
- LME 3-month copper price ($/t)
- Copper prices in local currency terms
- Residential completions vs. non-residential completions
- 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)
- Supply-demand balances: Table 1
- Blister market RCs
- 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:
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