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Copper Monitor
2008 November Issue
Demand leading the race to the bottom

 

  • With demand retrenching faster than supply, copper prices fell from a high of $6,510/t for 3-month metal on 1st October to a low of $3,610/t on the 27th. At the same time, the forward curve shifted into contango. Prices have subsequently traded $500/t either side of the $4,000/t level. With economic developments dominating, movement in the US dollar has been the main driver of prices.

  • Demand growth continues to slow in Q4, with LME stocks up by more than 50,000t since end September to reach 252,550 t by November 5th. With stocks at only 2.4 weeks of consumption, the market has priced in further increases in inventory.

  • The supply response has focused on mine projects so far, but Chinese smelters may cut back soon, as low sulphuric acid demand means their tanks are filling up.

Copper Monitor


How will I benefit from a subscription to Copper Monitor?

CRU’s Copper Monitor provides up-to-date analysis and statistics on the changing fundamentals of the copper market.  The monitor draws upon the Copper team's 10 analysts in London and Beijing, combining their expertise in different segments of the copper industry, from mining through to refining and consumption,  to deliver a coherent and comprehensive analysis of the current state of the market.  The monitor provides:

  • Global supply/demand summary for refined copper
  • Market commentary
  • Production of refined copper
  • Consumption of refined copper
  • Copper stocks
  • Copper prices and premiums
  • Technical and key market indicators
  • Consumption trends
  • Economic indicators
  • Industry news

Contact
For more information, please contact:

tel: +44 20 7903 2029
email: sales@crugroup.com

 

 
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