Commodity Market Report
Global copper short-term outlook December 2018
Report summary
Markets closed November on a positive tone, buoyed by the news from the US Federal Reserve that its interest rate hike cycle was drawing to a close. However, this trend was reversed throughout December. Downward pressure emerged when the Chinese Premier failed to reference any economic stimulus to address China's slowing economy in his recent speech, and as the Fed Reserve alluded to "some further gradual" rate hikes next year. Falling end-use demand and flat exports in Southeast Asia have led to slight downward revisions to our global refined copper consumption growth estimates this year. Despite projects being sanctioned and lower than expected mine disruptions this year, the scene is set for much tighter fundamentals over the next several years.
Table of contents
-
Executive summary
- Copper key forecasts
-
Supply-demand balances
-
Market developments
- Price forecasts and world quarterly supply/demand balance - (kt)
-
Market developments
-
Demand
- ASEAN
- Mexico
-
Canada
- Production and shipments of copper wire rod and copper semis - kt
-
Supply
-
Concentrate markets
- Global copper-in-concentrate stock changes - (kt Cu)
- Blister market RCs
- Global mine production - breakdown by product type (kt copper in concentrate & leach output)
- Global copper refined consumption - (kt)
-
Concentrate markets
Tables and charts
This report includes 25 images and tables including:
- Executive summary: Table 1
- Copper prices in 2017 and 2018
- Supply-demand balances: Image 2
- Copper prices and stocks in days of consumption
- Copper market balance and prices
- IP growth for Thailand, Malaysia and Indonesia slowed in 2018
- Flattish exports of copper semis overall in the first three quarters of 2018
- Total Mexican copper semis exports
- Copper semis share of total Mexican semis exports
- Total Canadian copper semis exports
- Canadian share of US copper tube imports decreasing
- Concentrate market TCRCs
- Supply-demand balances: Table 1
- Demand: Table 1
- Global quarterly refined copper consumption - kt
- Supply: Table 2
- Supply: Table 3
- Supply: Table 4
- Supply: Table 5
- Supply: Table 6
- Supply: Table 7
- Supply: Table 8
- Supply: Table 9
- Supply: Table 10
- Supply: Table 11
What's included
This report contains:
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