Commodity Market Report
Global copper short-term outlook January 2019
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*Please note that this report only includes an Excel data file if this is indicated in "What's included" below
Report summary
Copper prices traded in a relatively narrow range during January, although the general trend was upwards over the month. Trade tensions and the outlook for the global economy continued to weigh on expectations. Against this backdrop and with the approaching Chinese New Year break, there has been limited interest from traders and consumers alike, each unwilling to sit on inventories ahead of the Spring Festival. An underperforming manufacturing sector in Germany and disappointing domestic demand in South Korea have led to downward revisions to refined copper consumption growth in 2018 and adjustments to 2019 growth. Meanwhile in China, changes to the scrap import policy will likely continue to be an important factor in determining refined demand growth this year. We continue to estimate that the fundamental supply/demand balance outlook for 2019 will be positive.
Table of contents
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Executive summary
- Copper key forecasts
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Supply-demand balances
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Market developments
- Equities and copper prices
- Three-month copper price and effective US$ exchange rate
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Market developments
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Demand
- China
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South Korea
- Production and shipments of copper wire rod and copper semis - kt
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Supply
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Concentrate markets
- Global copper-in-concentrate stock changes - (kt Cu)
- Blister market RCs
- Global mine production - breakdown by product type (kt copper in concentrate & leach output)
- Global copper refined consumption - (kt)
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Concentrate markets
Tables and charts
This report includes the following images and tables:
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Executive summary: Table 1Property completions showed signs of recovery by the end of 2018Quarterly German auto industry statistics
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Year on year German auto production output changeSouth Korean copper semis production and year on year domestic copper consumptionConcentrate market TCRCsSupply-demand balances: Image 1Supply-demand balances: Image 2Regional copper stocks (kt)Regional month on month stock changes (kt)Supply-demand balances: Table 1Demand: Table 1
- 11 more item(s)...
What's included
This report contains:
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