Commodity Market Report
Global copper short-term outlook May 2019
Report summary
Another month and another US presidential tweet sent prices and equities tumbling in May. The imposition of higher US tariffs on $200bn worth of Chinese exports and the threat of more to come added another layer of concern to the already slowing global economic picture. Yet in the background copper market fundamentals remain tight. In the copper concentrate market, a higher than average number of smelter maintenance shutdowns carried out in China during April and May, coupled with closures in Chile have done little to support TCRCs. Meanwhile, soon to be introduced scrap policies in China and Malaysia together with a likely further round of Chinese stimulus should support higher refined copper consumption in the second half of 2019 and thus prices.
Table of contents
- Market developments
- China
- Malaysia
- Italy
-
Concentrate markets
- China concentrate markets
- Other smelter news
- Blister/anode and scrap markets
- Production news
- Project development
- Corporate activity
Tables and charts
This report includes 21 images and tables including:
- Equities and copper prices
- Managed money CFTC positions
- Copper mine disruptions (copper in concentrate plus SxEw cathode)
- Price forecasts and world quarterly supply/demand balance (kt)
- Total copper consumption growth to pick up in the coming months
- Year on year industrial production growth for copper end users in Malaysia
- Italian copper and copper alloy semis production poor in Q1
- Italian copper and copper alloy semis imports and exports
- 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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