Commodity market report
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28 Pages

Global copper short-term outlook October 2015

Global copper short-term outlook October 2015

Report summary

Copper prices remained range-bound during October, mainly trading between $5,000/t to $5400/t. Although supply cuts are providing a floor to prices persistent demand concerns, particularly relating to China's industrial sector, are providing resistance to any upside moves for copper in the short term. These production cuts must, however, be set against another wave of new supply, with reports indicating that Sentinel, Antucoya, Cerro Verde and the new Buenavista concentrator have all recently begun commissioning (with Las Bambas to follow in 2016). These developments, combined with downgrades to our demand projections, will keep the market in surplus over the next few years. Moreover, it is evident that further cuts to supply, likely from higher cost producers, in response to the prevailing environment of lower prices and higher inventories, are required to prevent stocks in days of consumption continuing to veer from historical ranges.

What's included?

This report includes 2 file(s)

  • Global copper short-term outlook October 2015 PDF - 469.15 KB 28 Pages, 15 Tables, 5 Figures
  • Data tables copper STO October 2015.xls XLS - 260.50 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
    • China
    • South Korea
    • Spain
  • 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
    • LME 3 month daily price movements
    • Copper exchange stocks and LME prices
    • Monthly and benchmark cathode premia ($/t)
    • Price forecasts and world quarterly supply/demand balance - (kt)
  • Demand
    • Chinese power grid investment
    • South Korean wire rod production
    • 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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