Commodity Market Report
Global copper short-term outlook December 2019
Report summary
US-China trade talks continued to sway market sentiment in December. There was little movement in the copper price over the first two weeks of the month. It was only once the “Phase One” trade deal was agreed did prices stage a significant recovery. In 2019, positive Chinese manufacturing PMI results and an improvement in end-use demand in the second half of the year have not been able to offset overall underperformance in global copper consumption growth. Meanwhile, exchange stocks continue to fall towards year-end. In the concentrate market, following settlement of the benchmark in November, smelter negotiations with traders have continued, with a range of annual contract terms agreed for 2020.
Table of contents
- Market developments
- China
- Europe
- North America
- India
- ASEAN
- Japan, South Korea and Taiwan (JKT)
- Middle East
- Russia and the Caspian
- Latin America
- Africa
-
Concentrate markets
- China concentrate markets
- Blister/anode and scrap markets
- Production News
- Project development
- Corporate activity
Tables and charts
This report includes 20 images and tables including:
- LME cash price and 3-month spread
- Managed money CFTC positions
- Managed money LME positions
- SHDE/LME cash price arbitrage
- Chinese copper cathode net imports
- Price forecasts and world quarterly supply/demand balance (kt)
- Global Manufacturing PMI
- 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:
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