Commodity Market Report

Global copper short-term outlook January 2020

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31 January 2020

Global copper short-term outlook January 2020

Report summary

Gains made in the copper price in December were soon suppressed following a US missile strike in the Middle East in early January. As tensions started to ease, copper's fortunes turned positive again ahead of the Phase One deal being signed, while dwindling visible inventories provided additional support. However, the outbreak of the coronavirus (2019-nCoV) soon sent prices south given the threat that the virus may pose to economic growth. The extent of the impact of the virus on copper demand, particularly in China and wider Asia, is as yet unknown. However, given that we are at the beginning of the year, it is conceivable that any losses could be made up over the course of the year. Nevertheless, growth in global refined production is set to exceed that of refined demand in 2020, leading to a surplus market.

Table of contents

  • Market developments
  • China
  • USA
  • Taiwan
    • China concentrate markets
    • Blister/anode and scrap markets
    • Production News
    • Project development
    • Corporate activity

Tables and charts

This report includes 22 images and tables including:

  • LME cash price and 3-month spread
  • Regional exchange stocks (kt)
  • Indexed equities
  • Indexed Brent Crude Oil
  • Price forecasts and world quarterly supply/demand balance (kt)
  • New standards for renewable copper material
  • New standards for renewable brass material
  • Housing starts, completions and permits trend higher through the second half of 2019
  • Second year of poor total copper semis output (gross weight)
  • Production and shipments of copper wire rod and copper semis - kt
  • Global quarterly refined copper consumption - kt
  • Concentrate market TCRCs
  • Global copper-in-concentrate stock changes (kt Cu)
  • 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 data tables January 2020.xls

    XLS 307.00 KB

  • Document

    Global copper short-term outlook January 2020

    PDF 1.04 MB

  • Document

    Global copper short-term outlook January 2020

    ZIP 1.03 MB

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