Commodity Market Report

Global copper short-term outlook January 2018

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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.

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  • Document

    Global copper short-term outlook January 2018

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    Global copper short-term outlook January 2018

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  • Document

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

    XLS 337.00 KB

Table of contents

Tables and charts

This report includes 20 images and tables including:

Tables

  • Copper key forecasts
  • 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)

Images

  • 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

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