Commodity Market Report

Global copper short-term outlook February 2019

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February turned out to be a month of two halves for the copper market as initial price gains were virtually wiped out by mid-month. However, subsequent fundamental support over the balance of February helped to propel 3-month quotes to levels last seen in July of last year. Information gathered following a recent research trip to India has led to revisions of direct use of scrap forecasts in the country in 2018 and has updated our understanding of copper semis plant start ups. In addition, improved copper semis output and sales Brazil alongside solid results emerging from Polish copper semis producers, have led to minor alterations to our refined consumption forecasts for the short term. Meanwhile, mine disruptions begin to filter through, however, our supply/demand balance for this year remains broadly unchanged over last month's forecast.

Table of contents

  • Market developments
  • India
  • Brazil
  • Poland
    • Blister/anode and scrap markets
    • Production news

Tables and charts

This report includes 18 images and tables including:

  • Regional exchange stocks and LME price
  • Spot premia
  • Price forecasts and world quarterly supply/demand balance (kt)
  • Industrial production showed signs of weakness by the end of 2018
  • Paranapanema production and sales results
  • 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:

  • Document

    Global copper short-term outlook February 2019

    PDF 988.45 KB