Commodity Market Report
Global copper short-term outlook May 2024
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Report summary
It has been a spectacular ride for copper over these past weeks and while prices have retreated from their peak of US$11,104.5/t on 20 May on some profit taking, they are still elevated, and it looks likely that the outlook will remain bumpy. Yet the market has run well ahead of the fundamentals, and we would expect prices to correct. Much will depend on how physical demand evolves and this will be dependent on the macro-economic and geopolitical outlook in the coming months. For now, spot interest has dried up as consumers have stepped back from the market.
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