Commodity Market Report

Global copper short-term outlook March 2021

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29 March 2021

Global copper short-term outlook March 2021

Report summary

The correction in the copper prices that emerged in the final days of trading in February continued into early March. A risk-off tone triggered the decline to drag three-month prices to a low of US$8570/t on 4 March. Although prices have since recovered, three-month prices have remained fairly erratic, trading within a US$8700/t to US$9200/t range during the month. Rising exchange and bonded stocks coupled with declining investor interest weighed on prices while the threat of supply disruptions and better than expected macro data have provided a positive underlying narrative for copper and supported the periodically stronger prices.

Table of contents

Tables and charts

This report includes 21 images and tables including:

  • LME cash price and 3-month spread ($/t)
  • Exchange stocks (kt)
  • Daily LME stock changes (kt)
  • ShFE front month vs LME cash prices ($/t)
  • Chinese monthy cathode imports (kt)
  • Price forecasts and world quarterly supply/demand balance (kt)
  • Concentrate market TCRCs
  • Global copper-in-concentrate stock changes (kt Cu)
  • Housing starts and completions
  • Total vehicle production
  • Production and shipments of copper wire rod and copper semis - kt
  • Global quarterly refined copper consumption - kt
  • 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 March 2021

    PDF 1.10 MB