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 – Q1 2024

Copper has been subject to fluctuations, creating parallels with aluminium's trend. The day-to-day narrative driving copper prices has been influenced by macroeconomics and China's economic outlook. However, the stronger dollar may be capping any substantial upside gains. Supply disruptions are creating uncertainty about the outlook for copper concentrate this year. We expect a finely balanced market, which could see a more significant deficit next year. The outlook trajectory for copper depends heavily on China, and we anticipate copper prices to fluctuate with a slight upside skew in Q1 2024.

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