Commodity Market Report
Global copper short-term outlook October 2020
Report summary
We maintain our view that the market is headed for a period of oversupply as additional tonnage from new projects and existing mines comes to market. However, the surplus for 2021 is more restrained given softer supply growth prospects. Refined demand is set to contract sharply in 2020 before returning to growth in 2021 and 2022. However, rising COVID cases and the threat to economic and demand recovery prospects from another round of lockdowns remain a key risk to the outlook. This uncertainty alongside the upcoming US elections, will likely manifest itself in heightened volatility in exchange rates and metal prices alike.
Table of contents
-
Market developments
- Middle East
- Malaysia
- Chile
-
Concentrate markets
- China concentrate markets
- Blister/anode and scrap markets
- Production news
- Project development
- Corporate activity
Tables and charts
This report includes 19 images and tables including:
- Indexed LME cash prices
- LME cash copper price and 3-month spread ($/t)
- Regional exchange stocks (kt)
- Price forecasts and world quarterly supply/demand balance (kt)
- Concentrate market TCRCs
- Global copper-in-concentrate stock changes (kt Cu)
- Industrial production growth for copper end-users in Malaysia
- Growth in Chile’s Monthly Economic Activity Index
- Production and shipments of copper wire rod and copper semis - kt
- Global quarterly refined copper consumption - kt
- 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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