Commodity Market Report
Global copper short-term outlook July 2019
Report summary
Macro-economic concerns, US dollar performance and speculative positioning were the main drivers of the copper price through July as demand interest waned during the traditional summer slowdown. Global refined copper demand through the first six months of 2019 has been weaker than expected, reflecting slower demand in China and continued deteriorating semis output in South Korea and Taiwan. As a number of Chinese smelters returned from scheduled maintenance, there was a significant upturn in activity in the spot concentrate market took place over the first half of July which moderated later in the month. Continued tightness in the concentrate market is becoming increasingly challenging for marginal smelters as TCRCs declined for the seventh consecutive month in 2019.
Table of contents
- Market developments
- China
- Russia
- Indonesia
-
Concentrate markets
- China concentrate markets
- Blister/anode and scrap markets
- Production News
- Project development
- Corporate activity
Tables and charts
This report includes 25 images and tables including:
- LME cash price and 3-month spread
- Managed money CFTC positions
- LME copper prices vs trade weighted dollar index
- LME regional stocks (kt)
- COMEX and SHFE stocks (kt)
- US copper scrap exports (gross weight, kt)
- Price forecasts and world quarterly supply/demand balance (kt)
- How much can grid investment catch up in the second half?
- Manufacturing PMI begins to fall following a strong April
- Industrial production continues to slow
- Southeast Asia short-term refined copper consumption
- Southeast Asia refined copper consumption growth rates
- 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:
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