Copper: H2 bullishness toned down

July 03, 2018 / www.metalbulletinresearch.com / Article Link

Mixed fundamental data on Q1
The latest WBMS data suggest that the global copper market was in a deficit of 96,000 tonnes in April, bringing the group’s take on the January-April deficit to 215,000 tonnes. According to the WBMS, refined production grew 2.9% year on year in January-April 2018, while refined consumption expanded by 4.6%. But we think the WBMS is painting an overly bullish picture of the fundamentals by overstating demand growth.

In contrast, the latest data from the ICSG pegged the market in a surplus (for a fourth month in a row) of 55,000 tonnes in March, bringing the cumulative Q1 surplus to 153,000 tonnes. According to the ICSG, refined production rose...

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