Copper Outlook

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Expert copper market insights

Our quarterly copper outlook is published in our Quarterly Metals Report, which covers base, precious and ferrous metals. The impact of supply and demand fundamentals, including LME and SHFE stocks and macroeconomic implications for the copper futures and spot prices are analysed. Our research team produce a copper price range forecast as part of the report.

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Copper Outlook – Q2 2024

Prices strengthened in Q1, driven by increased demand and optimism about Chinese economic growth. Despite macroeconomic factors, speculative demand pushed prices to multi-month highs. A global market deficit, which is supposed to occur in 2025, is starting to be priced in as operational issues and production cuts led to growing concentrate scarcity. Our outlook for Q2 remains cautiously bullish, with speculative activities influencing prices amidst a strengthening fundamental backdrop for base metals.

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