Commodity market report

Global copper short-term outlook June 2017

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Report summary

The copper market service short term outlook (STO) is published monthly and provides a forecast of copper supply and demand fundamentals over the next two years. The combination of positive macro news flows a weaker dollar as well as inventory declines on both the LME and SHFE all helped to push copper higher over the closing days of June. Prices rallied to just shy of $6 000/t to their highest level since the end of March. In the physical market a drawdown in Chinese inventory has sparked some upward moves in physical premia there. However spot premia in Europe and the United States remain broadly subdued with consumers remaining well covered for material. Overall for this year the copper market is expected to be largely in balance and this coupled with expectations for an appreciating US dollar and higher interest rates will constrain the extent of any upward price moves over the balance of the year.

What's included

This report contains

  • Document

    Global copper short-term outlook data tables June 2017.xls

    XLS 345.00 KB

  • Document

    Global copper short-term outlook June 2017

    PDF 481.35 KB

  • Document

    Global copper short-term outlook June 2017

    ZIP 616.07 KB

Table of contents

  • Executive summary
  • Supply-demand balances
  • Demand
  • Supply

Tables and charts

This report includes 20 images and tables including:

Images

  • Chinese refined cathode net trade (kt)
  • LME 3-month prices ($/t)
  • Regional exchange stocks (kt)
  • China property market sales and the impact of restrictions
  • South Korean copper and copper alloy plate, sheet and strip output

Tables

  • Copper key forecasts
  • 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)
  • Supply-demand balances: Table 1
  • 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)

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