Commodity Market Report

Global copper short-term outlook October 2020

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30 October 2020

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

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:

  • Document

    Global copper short-term outlook October 2020

    PDF 1.16 MB