Commodity Market Report

Global copper short-term outlook September 2020

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30 September 2020

Global copper short-term outlook September 2020

Report summary

There has been little change to our fundamental outlook for copper. We maintain our view that the market is headed for a period of significant oversupply as additional tonnage from new projects and existing mines comes to market. Refined demand is set to contract sharply in 2020 before returning to growth in 2021 and 2022. However, as coronavirus related concerns re-emerge, demand prospects could yet disappoint. Tightness in scrap availability in China could yet support higher demand for refined metal in the final quarter of this year.

Table of contents

Tables and charts

This report includes 21 images and tables including:

  • LME cash copper price and 3-month spread ($/t)
  • LME copper prices vs trade weighted dollar index
  • Monthly changes in regional exchange stocks (kt)
  • Cancelled Warrants as % of LME Stocks
  • Price forecasts and world quarterly supply/demand balance (kt)
  • Concentrate market TCRCs
  • Global copper-in-concentrate stock changes (kt Cu)
  • Total scrap availability in China
  • IPs of end-use sectors in India
  • EU production in industry (aggregate), construction, manufacturing and electricity
  • 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 September 2020

    PDF 1.10 MB