Global copper short-term outlook May 2021 Report

Commodity Market Report 28 May 2021

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

Report summary

Three-month LME copper prices hit a record level of US$10,747.50/t on 10 May 2021. This surpassed the previous high of US$10,190/t set in mid-February 2011. Prices retreated below US$10,000/t over the second half of May, amid deliveries into LME warehouses and calls by the Chinese government over the need to restrain commodity prices. News that workers at BHP’s Santiago integrated operations centre went on strike, reversed the decline and the price recovered some of its lost ground.

Market developments
- China
- Italy
- Latin America
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 the following images and tables:

Regional LME and COMEX stocks (kt)
Managed money CFTC positions
SHFE front month vs open interest

LME cash price and 3-month spread (US$/t)
Chinese stocks (kt)
Price forecasts and world quarterly supply-demand balance (kt)
Regional manufacturing PMIs
Concentrate market TCRCs
Global copper-in-concentrate stock changes (kt Cu)
Seasonally adjusted index of production in industry (manufacturing) and construction
Italian semis output (kt)
Production and shipments of copper wire rod and copper semis - kt
11 more item(s)...