According to ICSG, mine output will rise by 3. Then you have Ivanhoe's mine in [Democratic Republic of] Congo which could add a further 70, mt. Also, you have the ramp up at Freeport's Grasberg [in Indonesia] which could potentially add , mt," Marex said. Aside primary copper production, an increase in secondary production, from scrap copper, was also likely to contribute to copper's surplus, Briesemann said.
The supply chain was not encountering the same bottlenecks as earlier on during the pandemic, with operations more fluid following the easing of lockdown restrictions, he added. Commerzbank's analyst noted that the higher copper supply was also essential in restocking the heavily depleted inventories.
UK brokerage Liberum analysts, led by head of commodities strategy Tom Price, said in a research note Dec. Reiterating the expectation of the global copper market being well supplied in , "the market could therefore catch its breath before probably turning into a structural supply deficit later on," Briesemann said.
We expect a moderate setback in prices in line with the improved supply situation. Please use the button below and we will bring you back here when complete. Latest in Commodities Listen: Easing lockdowns in Shanghai: a boost for container freight or a headache in the making? The market's mood has been sour since April because of worsening US-China trade relations and related softness in global manufacturing.
Our market-balance calculations, however, show a market deficit in both and Inventory supports this fundamentally tight picture of the market — it reads low relative to consumption even at the weak rates of growth now projected and has been trending lower for the past two years. This view of the market points prices higher and suggests a potential upside surprise should sentiment change. Although prices have moved lower than expected, we would seize on current prices to lock in forward buys.
To learn more, visit Commodity Coverage — Metals. Hodges is responsible for the management and operations of the Pricing and Purchasing Research team. Hodges has managed several projects on global cost analysis, including projects in Asia and South America, where the objective was to recommend the most cost-effective and efficient action in the procurement of key materials and services.
She has spoken extensively on the topic of procurement pricing strategies and the global cost environment, including a presentation at the Institute of Supply Management titled, "Has China Lost Its Low-Cost Edge? Anton has expertise in the ferrous metals industry, he is responsible for evaluating the outlook for steel. Steel demand is linked to outlooks from these key sectors. In turn, the profitability of these sectors can rise or fall depending on the price and availability of steel.
As director of research, Mr. Mothersole sets and executes research priorities to identify potential supply chain risks and opportunities. He is directly responsible for nonferrous metal forecasts. He has more than 30 years of experience in price analysis and price forecasting.
Read our latest global flash is now available. Take a closer look at economic health city-by-city and industry-by-industry. Gloomier demand outlook and higher interest rates dampened commodity prices last week. Follow us EconomicsRisk.
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