In this weeks analysis, we aim at identifying the major positive and negative forces at play in the copper market to better assess our outlook for Q4 2018 and beyond. The global refined copper market recorded a deficit in June, for the third consecutive month, amounting to 45,500 tonnes, according to the ICSG. In January-June, the cumulative deficit totaled 51,500 tonnes, mine production expanded by 5.1%, refined production increased by 1.8%, and consumption rose nearly 1%, on a yearly basis. The impact on copper spot prices was counterbalanced by the rise of ~212,000 tonnes or 50% in exchange inventories...
The positives
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