Global copper long-term outlook Q2 2019 Report

Commodity Market Report 24 June 2019

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*Please note that this report only includes an Excel data file if this is indicated in "What's included" below

Quick read: 4 things you need to know about the outlook for the global copper market

The market continues to be at the mercy of wider global developments, with bearish sentiment brought about by a deterioration in China-US relations over the past three months.
Despite a tight market for refined metal, prices continue to be swayed by geopolitical events.
We still expect a stronger performance over H2 2019, which should support an annual average copper price of $6696/t ($3.04/lb) for 2019.
2021 will be a turning point, as supply from the 2.7 Mt of projects committed since 2017 and additional production from existing mines begins to hit the market.

Purchase the full 25-page report for in-depth analysis of each of these factors. You'll get access to our charts and datasets, including this one, which tracks copper supply and demand fundamentals out to 2040. Scroll down for a full table of contents.

Global Copper Production and Primary Demand to 2040

Report summary

The market continues to be at the mercy of wider global developments, with bearish sentiment brought about by a deterioration in China-US relations over the past three months. These factors have weighed heavily on prices and have continued to overshadow any positive news flow, despite a tight fundamental picture for copper. Over the medium-term, as supply from the projects committed since 2017 begins to hit the market and consumption softens in parallel with a cooling global macroeconomic outlook, we expect to see a return to surplus. Nevertheless, the market still requires additional capacity to close the supply gap that is set to emerge over the long-term.