Commodity Market Report

Global copper short-term outlook February 2024

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Metal prices over the past month have continued to be erratic. Since hitting a high of just over US$8,700/t at the end of January, three-month copper prices have come under pressure to trade in the US$8,450-8,500/t range. Although we expect the metal market to register a deficit this year, above average mine supply growth over the next couple of years is expected to push the market into surplus in both 2025 and 2026.

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    Global Copper Short Term Outlook February 2024.pdf

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