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Copper in deficit as prices continue long-term surge

Earlier today we touched on aluminum prices — well, the copper price is similarly ascendant. The copper price has, as we’ve mentioned on multiple occasions, been supported by a recovering…

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Earlier today we touched on aluminum prices — well, the copper price is similarly ascendant.

The copper price has, as we’ve mentioned on multiple occasions, been supported by a recovering Chinese economy.

Furthermore, according to data released Monday by the International Copper Study Group (ICSG), global copper production declined over the first eight months of the year.

Stop obsessing about the actual forecasted copper price. It’s more important to spot the trend. See why.

Copper price rises to 2020 high

The LME three-month copper price closed last week at $7,195 per metric ton, its high for 2020.

In addition, the price point in fact marked its highest since early 2014.

How much further can it go? Certainly, markets at large and metals in particular — including copper — showed upward momentum after recent announcements of potentially effective COVID-19 vaccines from Pfizer and Moderna.

As Maria Rosa Gobitz explained in this month’s Copper Monthly Metals Index (MMI) report, copper prices could continue to go up. In fact, according to investment bank Goldman Sachs, copper could rise to $7,500 per metric ton by this time next year.

While it’s still early to say, with the copper price already approaching the $7,200 mark, $7,500 next year is not out of the question. The LME three-month copper last reached the $7,500 per metric ton mark in spring 2013.

Global copper market in deficit

Per the ICSG, the global copper market posted a deficit of 293,000 metric tons through the first eight months of the year.

When accounting for Chinese bonded stocks, the deficit reached 296,000 metric tons.

Copper mine production down

In addition, copper mine production fell by 0.8% over the first eight months of the year.

Peru, the second-largest copper mining country, saw its mine output fall by 16.5% during the first eight months of the year. However, indicative of a recovery, the decline narrows to 6% when considering the June-August period.

Meanwhile, top copper producer Chile saw its mine production increase by 0.5%.

Refined copper production up by 1.2%

Although mine production fell, refined copper output rose by 1.2% during the first eight months of the year.

Chile’s total refined copper output increased by 7%. The Democratic Republic of the Congo and Zambia saw output gains of 6% and 15%, respectively.

Copper price average remains slightly below 2019 average

Circling back to the copper price, the average cash price through eight months reached $5,937 per metric ton as of the end of October, the ICSG reported.

The average price during the aforementioned period marked a 1% decline from the 2019 annual average.

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Metal

NBS: New house prices in first-tier cities in China up 0.4% in Mar

In March this year, of 70 major Chinese cities surveyed, new house prices in first-tier cities rose by 0.4 percent month on month.

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In March this year, of 70 major Chinese cities surveyed, new house prices in first-tier cities rose by 0.4 percent month on month, 0.1 percentage point slower than the growth recorded in February this year, as announced by China’s National Bureau of Statistics (NBS).

Meanwhile, in second-tier cities the month-on-month growth rate of new house prices in the given month was 0.5 percent, 0.1 percentage point faster than that recorded in February, while in third-tier cities the month-on-month growth rate of new house prices in March was 0.3 percent, maintaining the same growth rate compared to that recorded in February.

In China’s second-tier cities, prices of second-hand houses in March saw a year-on-year rise of 3.3 percent, 0.4 percentage points higher compared to the increase recorded in February. In third-tier cities, the year-on-year growth rate of second-hand house prices in March was 2.3 percent, 0.4 percentage points higher compared to the year-on-year growth rate in February.

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Source: https://www.steelorbis.com/steel-news/latest-news/nbs-new-house-prices-in-first_tier-cities-in-china-up-04-in-mar-1195934.htm

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Metal

Demand for scrap in Bangladesh slackens, expectations more bearish

Prices for import scrap in Bangladesh have posted just small changes over the past two weeks.

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Information Provided By:

SteelOrbis Elektronik Pazaryeri A.Ş. (“SteelOrbis”)
19 Mayıs Mahallesi, Atatürk Caddesi
Şeref Yazgan İş Merkezi, No: 72, Kat: 7, D: 18
Kozyatağı – 34736
Istanbul, Turkey

Trade Registration Number : 541892
MERSİS Number : 0470048178400014
Customer Relations Officer : Sinem Alpkaya
Tel : +90 216 468 10 50
Fax : +90 216 386 41 08

This Information Form has been drawn up in order to provide information to the customer (“Customer”) who seeks a free trial on an electronic environment for the purpose of benefiting from the services offered by the SteelOrbis website at “www.steelorbis.com” prior to acceptance of the Membership Contract, and it allows the Customer to gain clear information on the terms and conditions of the membership to be established as well as to review the text of the Contract in question.

The following successive steps shall be taken in order to establish a free trial:

– The Customer selects the “Free Trial” option on the home page at https://www.steelorbis.com.
– The Customer provides all information requested in the “Free Trial Application” form displayed on the screen and confirms it.
– SteelOrbis sends an account activation e-mail to the e-mail address of the Customer provided in the application form.
– The Customer clicks on the activation link sent to his/her e-mail address and activates his/her account. The website Membership Contract is presented to the Customer during the account activation process.

Storage of the Membership Contract:

You can either save the Membership Contract on your computer or make print-outs of it for storage. The Membership Contract accepted and confirmed by the Customer is not kept by SteelOrbis. You can always get access to the standard Membership Contract displayed on the website. However, as amendments may be made to the standard Contract, it may include some variations in comparison with the text approved by you. Accordingly, it may not be possible for you to access on the website the text you originally approved.

Data entry errors:

The information you should provide for membership application and the fields you should fill in are indicated during each step of the operation. You are obliged to provide such information. If you leave the required fields blank, the system will issue a warning. Please fill in all necessary fields. Prior to the completion of the operation, all data entered by you in the previous step will be displayed once more. Please make sure that the information provided by you is accurate and complete before finally confirming the operation; any missing or incorrect information should be completed or corrected. Any amendment or correction on the information provided by you after the confirmation may be performed by means of website logins after the establishment of the membership.

Our confidentiality policy:

Please click here to review our confidentiality policy.

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Source: https://www.steelorbis.com/steel-prices/steel-prices-market-analyses/scrap-and-raw-materials/demand-for-scrap-in-bangladesh-slackens-expectations-more-bearish-1195930.htm

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Metal

New deals for import scrap signed in South Korea

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Information Provided By:

SteelOrbis Elektronik Pazaryeri A.Ş. (“SteelOrbis”)
19 Mayıs Mahallesi, Atatürk Caddesi
Şeref Yazgan İş Merkezi, No: 72, Kat: 7, D: 18
Kozyatağı – 34736
Istanbul, Turkey

Trade Registration Number : 541892
MERSİS Number : 0470048178400014
Customer Relations Officer : Sinem Alpkaya
Tel : +90 216 468 10 50
Fax : +90 216 386 41 08

This Information Form has been drawn up in order to provide information to the customer (“Customer”) who seeks a free trial on an electronic environment for the purpose of benefiting from the services offered by the SteelOrbis website at “www.steelorbis.com” prior to acceptance of the Membership Contract, and it allows the Customer to gain clear information on the terms and conditions of the membership to be established as well as to review the text of the Contract in question.

The following successive steps shall be taken in order to establish a free trial:

– The Customer selects the “Free Trial” option on the home page at https://www.steelorbis.com.
– The Customer provides all information requested in the “Free Trial Application” form displayed on the screen and confirms it.
– SteelOrbis sends an account activation e-mail to the e-mail address of the Customer provided in the application form.
– The Customer clicks on the activation link sent to his/her e-mail address and activates his/her account. The website Membership Contract is presented to the Customer during the account activation process.

Storage of the Membership Contract:

You can either save the Membership Contract on your computer or make print-outs of it for storage. The Membership Contract accepted and confirmed by the Customer is not kept by SteelOrbis. You can always get access to the standard Membership Contract displayed on the website. However, as amendments may be made to the standard Contract, it may include some variations in comparison with the text approved by you. Accordingly, it may not be possible for you to access on the website the text you originally approved.

Data entry errors:

The information you should provide for membership application and the fields you should fill in are indicated during each step of the operation. You are obliged to provide such information. If you leave the required fields blank, the system will issue a warning. Please fill in all necessary fields. Prior to the completion of the operation, all data entered by you in the previous step will be displayed once more. Please make sure that the information provided by you is accurate and complete before finally confirming the operation; any missing or incorrect information should be completed or corrected. Any amendment or correction on the information provided by you after the confirmation may be performed by means of website logins after the establishment of the membership.

Our confidentiality policy:

Please click here to review our confidentiality policy.

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Source: https://www.steelorbis.com/steel-prices/steel-prices-market-analyses/scrap-and-raw-materials/new-deals-for-import-scrap-signed-in-south-korea-1195929.htm

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