Global copper short-term outlook October 2019

Copper prices traded in a relatively narrow range through the start of October, reflecting the absence of the Chinese players in the market over Golden week. Meanwhile, a two-sided story in copper consumption continues to play out in 2019. The addition of semis capacity in some countries is supporting demand for copper. Elsewhere, however, disappointing semis production results in some of the world’s more established copper consuming countries is proving to be a drag on demand. The over hang of a global economic slowdown and ongoing trade war provide further reason for cautious consumer spending in the end-use market. Over recent weeks disruptions at mine sites have become more apparent across the Americas primarily brought about by labour unrest, putting production and deliveries of copper concentrate at risk.