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Report17 January 2018Updated 8 months ago

2018 Copper Outlook

The copper bulls pricing mine disruptions might be too early. We think the copper market will be balanced this year and point out several reasons that suggest prudence remains on the side of being conservative

Executive summary

ING forecasts copper to average US$6,800/t in 2018, up 9.7% from 2017 but nonetheless involving a decline from spot levels which may have run ahead of the fundamentals.

The supply-demand picture looks balanced this year unless one expects a second consecutive year of extremely high disruptions. With the market seemingly already pricing this in, the risk it seems is to the downside.

 

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