Commodity Market Report

Global copper short-term outlook May 2021

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28 May 2021

Global copper short-term outlook May 2021

Report summary

Three-month LME copper prices hit a record level of US$10,747.50/t on 10 May 2021. This surpassed the previous high of US$10,190/t set in mid-February 2011. Prices retreated below US$10,000/t over the second half of May, amid deliveries into LME warehouses and calls by the Chinese government over the need to restrain commodity prices. News that workers at BHP’s Santiago integrated operations centre went on strike, reversed the decline and the price recovered some of its lost ground.

Table of contents

Tables and charts

This report includes 23 images and tables including:

  • Regional LME and COMEX stocks (kt)
  • Managed money CFTC positions
  • SHFE front month vs open interest
  • LME cash price and 3-month spread (US$/t)
  • Chinese stocks (kt)
  • Price forecasts and world quarterly supply-demand balance (kt)
  • Regional manufacturing PMIs
  • Concentrate market TCRCs
  • Global copper-in-concentrate stock changes (kt Cu)
  • Seasonally adjusted index of production in industry (manufacturing) and construction
  • Italian semis output (kt)
  • 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 May 2021

    PDF 1.25 MB