Commodity Market Report
Global copper short-term outlook September 2019
Report summary
Disappointing macroeconomic data dictated much of copper’s fate in September. The combined strain of a global economic slowdown and ongoing trade war continue to weigh on copper demand. In particular, developed economies including the US, Japan, South Korea, Taiwan, and some major copper consuming countries in Europe have underperformed this year as a result. This has led to a downgrade of our global refined copper consumption growth forecast for 2019 from 1.0% previously to 0.2%. As prices continue to trend lower, there are growing concerns that producers' cash margins are being squeezed. Although further suspensions arising from copper price levels are not likely to feature substantially in the near term, it is clear that the pace at which projects are being advanced is slowing significantly.
Table of contents
- Market developments
- China
- Brazil
- Canada
-
Concentrate markets
- China concentrate markets
- Other smelter news
- Blister/anode and scrap markets
- Production News
- Project development
- Corporate activity
Tables and charts
This report includes 20 images and tables including:
- LME cash price and 3-month spread
- LME copper prices vs trade weighted dollar index
- Regional exchange stocks (kt)
- Premia Codelco - Europe
- Price forecasts and world quarterly supply/demand balance (kt)
- China’s quarterly copper consumption
- Growth in both domestic and export markets supporting production increases
- 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)
- 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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