Commodity market report
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28 Pages

Global copper short-term outlook November 2015

Global copper short-term outlook November 2015

Report summary

Another wave of negativity hit copper markets in November, fuelled by the Chinese funds amid escalating concerns over the weakness of the Chinese economy. Investor confidence was dented further by the terrorist attacks in Paris in mid-November, subduing interest across the base metals markets as traders looked to safe havens such as gold, accelerating the sell off. Even the announced production cuts, which have fed through to reduce our metal market balance for 2015, have failed to revitalise market sentiment. We have also reduced our price forecast for the year as we expect the markets remain under pressure. Whilst there could yet be a short covering rally, this is unlikely to be sustainable without any strong signs of a recovery in demand or any additional and sizeable production cuts.

What's included?

This report includes 2 file(s)

  • Global copper short-term outlook November 2015 PDF - 467.88 KB 28 Pages, 15 Tables, 5 Figures
  • Data tables copper STO November 2015.xls XLS - 263.00 KB


As global demand weakens and commodity prices fall, we're seeing a challenging environment in the metals and mining industry. Mining companies are increasingly coming under pressure to reduce operating costs, causing many to shift their strategic planning, delay new investments and look to long-term future growth.

This Copper Short Term Outlook report provides a detailed breakdown of global supply and demand balances in this market, as well as price forecasts.

Mining companies, investment banks and investors can use this report to understand the future direction of the ferrous and base metals market. It will also help you assess the impact of key industry issues and events on market balances and pricing.

From acquisitions to investments, Wood Mackenzie helps you plan, forecast and benchmark in the metals markets. Our proprietary database and analyst expertise combines robust production, consumption and pricing data with detailed analysis to identify market opportunities.

We give you a holistic view of the ferrous and base metals markets so you have the confidence to make strategic decisions.

  • Executive summary
  • Supply-demand balances
    • Market developments
  • Demand
    • Brazil
    • United States
    • France
  • Supply
    • Concentrate markets
      • Blister/anode and scrap markets
      • Production news

In this report there are 20 tables or charts, including:

  • Executive summary
    • Copper key forecasts
  • Supply-demand balances
    • Short selling drives SHFE price retreat
    • Money managers increase shorts on the LME
    • LME copper price vs inverted US$ effective exchange rate
    • Price forecasts and world quarterly supply/demand balance - (kt)
  • Demand
    • Brazilian auto output
    • US brass mill shipments
    • Production and shipments of copper wire rod and copper semis - kt
    • Global quarterly refined copper consumption - kt
  • Supply
    • Concentrate market TCRCs
    • Global copper-in-concentrate stock changes - (kt Cu)
    • 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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