Commodity Market Report

Global copper short-term outlook February 2021

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Recovery hopes tied to the progressive rollout of Covid-19 vaccines, government stimulus, readily available credit, and some brighter economic data continue to fuel the strong performance in base metals prices. However, the main impetus behind copper’s push to multi-year highs over the second half of February would appear to have more to do with an influx of speculative interest in commodities. The attention seems to be on copper’s longer-term green-focussed demand expectations in the post-Covid recovery era. Although the dynamics of the copper market have improved, this latest rally is not justified by the fundamentals.

Table of contents

Tables and charts

This report includes 27 images and tables including:

  • Indexed LME cash prices
  • SHFE front month vs open interest
  • Managed money LME positions
  • LME cash copper price and 3-month spread ($/t)
  • Regional LME exchange stocks (kt)
  • Off-Warrant LME stocks climb as official stocks slide (kt)
  • COMEX copper price and forward spread (c/lb)
  • ShFe and COMEX exchnage stocks (kt)
  • Price forecasts and world quarterly supply/demand balance (kt)
  • Concentrate market TCRCs
  • Global copper-in-concentrate stock changes (kt Cu)
  • Seasonally adjusted index of production in industry (manufacturing) and construction
  • Italy passenger car production and registrations
  • Italian semis output (kt)
  • Index of industrial production
  • Index of industrial production (seasonally adjusted, 2015=100)
  • Production and shipments of copper wire rod and copper semis - kt
  • Global quarterly refined copper consumption - kt
  • 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 2021

    PDF 1.28 MB