Copper Outlook & Market Analysis - Sucden Financial > Metals Outlook > Market Insights

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 – Q3 2024

Copper was in the spotlight of base metals trading as it strengthened to $11,000/t. COMEX contract activity influenced LME prices, causing significant price gains and a spread between the markets. As a result, we see a more defensive market in the coming months, with a controlled upside expected by the end of the quarter. In the meantime, we anticipate prices will remain under pressure, with strong support levels at $9,200/t and $9,000/t, respectively.

Metals

As we head into Q3 2024, the markets are dealing with a different reality than what was initially expected at the beginning of the year. With Biden stepping out of the US Presidential Race, all eyes are likely to stay focused on the US until November. Additionally, there is a growing case for an increasing number of interest rate cuts this year, with major banks expected to start the cutting cycle by the end of this quarter. While this should help alleviate some of the pressures felt by the commodity space, China's muted economic performance is weighing on the base metals’ narrative. From September onward, we expect macroeconomic factors to relieve some of the pressures on the commodity market, leading to a modest increase in the latter part of Q3. We expect Q4 to bring greater market volatility.

Q3 2024