Commodity Market Report
Global copper short-term outlook November 2018
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*Please note that this report only includes an Excel data file if this is indicated in "What's included" below
Report summary
It has been a quiet month for copper in November with prices trading in a well-defined range. The industry gathered in Shanghai mid-month during Asia CESCO Week (ACW) and the overriding theme was one of uncertainty over global economic prospects and the recognition that at current levels, copper prices do not reflect the supply/demand fundamentals. Newly available Chinese trade data for copper cathode has shown much stronger refined copper imports than our original assumptions based on total copper imports. The knock on effect of the revisions that we have made to China on the demand side as well as the adjustments to our production figures now means that the outlook for copper over the next several years is now much tighter compared to our previous forecast. Meanwhile, the first settlement in the 2019 long-term Mating Season was reached during Asia CESCO Week in Shanghai. Antofagasta Minerals was widely reported to have settled with Jiangxi Copper at a level of $80.8/t & 8.08c/lb.
Table of contents
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Executive summary
- Copper key forecasts
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Supply-demand balances
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Market developments
- Price forecasts and world quarterly supply/demand balance - (kt)
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Market developments
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Demand
- Japan
- USA
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Europe – France, Greece, Spain and Sweden
- Production and shipments of copper wire rod and copper semis - kt
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Supply
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Concentrate markets
- 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)
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Concentrate markets
Tables and charts
This report includes the following images and tables:
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Executive summary: Table 1LME 3-month price and cash to 3-month spreadSHFE front month vs LME cash prices
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2015 split of Chinese copper imports2018 split of Chinese copper importsJapanese brass mill shipmentsJapanese wire and cable shipmentsUS wire rod imports are now exceeding exportsFrench, Greek, Spanish and Swedish refined copper consumptionRefined copper consumption comparison against the Rest of EuropeConcentrate market TCRCsSupply-demand balances: Table 1
- 12 more item(s)...
What's included
This report contains:
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