Commodity Market Report

Global copper short-term outlook January 2018

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31 January 2018

Global copper short-term outlook January 2018

Report summary

Copper prices have remained firm during the first month of 2018. A weaker dollar continues to underpin prices despite rising exchange inventories and a decline in speculative net long positions for three straight weeks. Long-term copper concentrate contract negotiations between Freeport McMoRan and all of its major smelting customers for the 2018 Mating Season were believed to have reached a successful conclusion by early January. The successful conclusion of  negotiations by other significant producers at the same terms as those agreed for the wide variety of concentrate qualities offered by Freeport McMoRan with its major concentrate buyers effectively confirms the 2018 benchmark for long-term contracts at $82.25/t & 8.225c/lb.

Table of contents

  • Executive summary
    • Market developments
      • Price forecasts and world quarterly supply/demand balance - (kt)
    • Brazil
    • Germany
    • Japan
      • Production and shipments of copper wire rod and copper semis - kt
    • Concentrate markets
      • Blister/anode and scrap markets
      • Production news

Tables and charts

This report includes 20 images and tables including:

  • Copper key forecasts
  • PMIs indicate solid expansion in global manufacturing activity
  • LME copper prices and exchange stocks
  • LME copper prices vs trade weighted dollar index
  • LME exchange stocks and forward spreads
  • Positive building starts in 2016 and 2017 to support copper demand in 2018
  • Concentrate market TCRCs
  • Global copper-in-concentrate stock changes - (kt Cu)
  • Supply-demand balances: Table 1
  • Demand: Table 1
  • Global quarterly refined copper consumption - kt
  • Blister market RCs
  • 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 January 2018

    PDF 688.21 KB

  • Document

    Global copper short-term outlook January 2018

    ZIP 818.21 KB

  • Document

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

    XLS 337.00 KB

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