Commodity Market Report

Global copper short-term outlook July 2021

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30 July 2021

Global copper short-term outlook July 2021

Report summary

The cautiousness that emerged in June which dragged 3-month LME copper prices from a US$10,365/t high at the start of month continued into July. Softening demand in China, concerns over the Delta variant, a stronger US dollar and further liquation of long positions by the investors moved prices within a much narrower trading range in early July. It was not until the 21 July that prices began to recover, supported by a weaker US dollar, signs of a persistent decline in Chinese exchange stocks and supply disruptions from Peru (Las Bambas) and Chile (Escondida).

Table of contents

Tables and charts

This report includes 21 images and tables including:

  • LME 3-month price ($/t) and LME stocks (kt)
  • Chinese imports of copper by type and share, 2015 to 2021 (year to June)
  • COMEX cash price and spread (clb)
  • Indexed LME, COMEX and SHFE prices
  • Price forecasts and world quarterly supply-demand balance (kt)
  • Concentrate market TCRCs
  • Global copper-in-concentrate stock changes (kt Cu)
  • US industrial production
  • US housing starts and completions
  • Production and shipments of copper wire rod and copper semis - kt
  • Global quarterly refined copper consumption - kt
  • 2021 Planned maintenance for Chinese smelters
  • Blister market RC
  • Global mine production - breakdown by product type (kt copper in concentrate and leach output)
  • Global copper refined consumption (kt)
  • Global copper mine production (kt copper in concentrate and 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 July 2021

    PDF 1.10 MB