Commodity Market Report
Global copper short-term outlook November 2019
Report summary
Copper rose steadily through November on the back of positive developments in the US-China trade war and continued civil unrest in Chile. Declining stock levels have also supported prices. However, an underlying slowdown in end-use demand endures, despite encouraging new semis capacity announcements. Global manufacturing issues need to be resolved ahead of any significant recovery in demand growth. Mine supply disruptions are still evident, with the run rate this year on track to meet our 5% allowance, as we move into the last month of 2019. In 2020, a lower benchmark TCRC and low acid prices in Asia could place smelters under pressure. Looking further ahead, as mine supply growth exceeds that of copper consumption, metal market surpluses will emerge.
Table of contents
- Market developments
- China
- Poland
- Pakistan
- India’s anti-subsidy investigation on ASEAN wire rods imports
-
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 23 images and tables including:
- LME cash price and 3-month spread
- LME prices and exchange/reported stocks
- Cancelled Warrants as % of LME Stocks
- Price forecasts and world quarterly supply/demand balance (kt)
- RMB 480 Bn needed for 2020 to meet target from the 13th 5-year plan
- Housing bought for investment purposes will not be fully furnished
- Polish auto production beginning to show signs of recovery
- Semis trade indicates growth in net exports of copper semis products
- Polish monthly copper and copper alloy semis production
- Proposed countervailing duties on imports under HS code 7408
- 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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