Commodity Market Report

Global copper short-term outlook February 2018

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28 February 2018

Global copper short-term outlook February 2018

Report summary

February proved to be a volatile month for copper, with prices swayed by movements in the US dollar coupled with significant nervousness in equity markets. This was despite a Chinese market that was in wind down mode ahead of the Lunar New Year break that took place between the 15th and 21st February. The latest macro-economic indicators suggest that the underlying global economy remains in good health. This should translate into refined copper consumption growth of 2.1% in 2018 and an average of around 2.0% over 2019 and 2020. Copper concentrate availability benefitted from a quiet Chinese market, production problems at smelters in Asia and rising mine supply at Grasberg. The result of higher Indonesian production was the emergence of a two-tier spot market between miners and traders, with sales of elevated precious metals-bearing material incurring higher TCRCs.

Table of contents

  • Executive summary
    • Market developments
      • Price forecasts and world quarterly supply/demand balance - (kt)
    • Chile
      • Production and shipments of copper wire rod and copper semis - kt
    • Concentrate markets
      • Global copper-in-concentrate stock changes - (kt Cu)
      • Blister market RCs
      • Global copper refined consumption - (kt)

Tables and charts

This report includes 21 images and tables including:

  • Copper key forecasts
  • Demand: Table 1
  • Demand: Table 2
  • Copper swayed by equities dip
  • LME copper prices and spread US$/t
  • Exchange stocks (kt)
  • Chilean wire rod & drawn wire exports
  • Concentrate market TCRCs
  • Supply-demand balances: Table 1
  • Demand: Table 3
  • Global quarterly refined copper consumption - kt
  • Supply: Table 2
  • Supply: Table 3
  • Global mine production - breakdown by product type (kt copper in concentrate & leach output)
  • Supply: Table 5
  • 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 February 2018

    PDF 475.64 KB

  • Document

    Global copper short-term outlook February 2018

    ZIP 607.91 KB

  • Document

    Global copper short-term outlook data tables February 2018.xls

    XLS 338.00 KB