Commodity Market Report

Global copper short-term outlook September 2017

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29 September 2017

Global copper short-term outlook September 2017

Report summary

The copper market service short term outlook (STO) is published monthly and provides a forecast of copper supply and demand fundamentals over the next two-years. After surging over the final weeks in August, copper prices continued on their upward trajectory to peak at a 3-year high in early September. However with prices having run well ahead of the fundamentals, profit-taking set in. The sell off in US equities during the first week appears to have been one of the initial triggers, while another surge in LME stocks added further downward pressure. Notwithstanding this recent softening, copper looks set to record its first annual average price gain in six years in 2017. Further forward, the medium-term fundamental outlook remains bullish. This has led mining companies to shift their focus back to mine project development, with some reasonable sized projects gaining board approval over the past few months.

Table of contents

Tables and charts

This report includes 21 images and tables including:

  • Executive summary: Table 1
  • LME cash price and cash to 3m contango (S/t)
  • Regional LME stocks (kt)
  • LME-Comex Arb ($/lb)
  • Comex stocks (kt)
  • Share of Chinese copper imports
  • Japanese output of copper and copper alloy products
  • 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)
  • Supply-demand balances: Table 1
  • 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)

What's included

This report contains:

  • Document

    Global copper short-term outlook data tables September 2017.xls

    XLS 344.50 KB

  • Document

    Global copper short-term outlook September 2017

    PDF 506.32 KB

  • Document

    Global copper short-term outlook September 2017

    ZIP 638.69 KB

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