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Global Commodities: Supply Risks - Copper at a breaking point; Biden halts LNG export approvals
Speakers:
Shikha Chaturvedi, Head of Global Natural Gas Research
Gregory Shearer, Head of Base and Precious Metals Research
There are two interesting supply dynamics happening in two very different commodities that are both grabbing a lot of attention in early 2024: copper and natural gas (both dry gas and LNG). In copper, a tightening across the upstream concentrate market is happening much quicker than expected and appears to be lurching towards a breaking point. The boosted risk of margin-induced production cuts at smelters could lead to a deeper refined copper deficit over the course of this year and continues to boost our conviction in a bullish trajectory for prices. In natural gas we cover some of the recent whipsaw moves in US natural gas prices and whether it is enough to change near-term production estimates out of the US. Additionally, we address today’s announcement by the Biden Administration of a temporary halt in approvals for US LNG export facilities and its potential impact to the global market.
This podcast was recorded on Jan. 26, 2024.
This communication is provided for information purposes only. Institutional clients can view the related report at https://www.jpmm.com/research/content/GPS-4582924-0, https://www.jpmm.com/research/content/GPS-4606675-0, https://www.jpmm.com/research/content/GPS-4606708-0, and https://www.jpmm.com/research/content/GPS-4591164-0 for more information; please visit www.jpmm.com/research/disclosures for important disclosures. © 2024 JPMorgan Chase & Co. All rights reserved. This material or any portion hereof may not be reprinted, sold or redistributed without the written consent of J.P. Morgan. It is strictly prohibited to use or share without prior written consent from J.P. Morgan any research material received from J.P. Morgan or an authorized third-party (“J.P. Morgan Data”) in any third-party artificial intelligence (“AI”) systems or models when such J.P. Morgan Data is accessible by a third-party. It is permissible to use J.P. Morgan Data for internal business purposes only in an AI system or model that protects the confidentiality of J.P. Morgan Data so as to prevent any and all access to or use of such J.P. Morgan Data by any third-party.
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By J.P. Morgan Global Research
4.2
7575 ratings
Speakers:
Shikha Chaturvedi, Head of Global Natural Gas Research
Gregory Shearer, Head of Base and Precious Metals Research
There are two interesting supply dynamics happening in two very different commodities that are both grabbing a lot of attention in early 2024: copper and natural gas (both dry gas and LNG). In copper, a tightening across the upstream concentrate market is happening much quicker than expected and appears to be lurching towards a breaking point. The boosted risk of margin-induced production cuts at smelters could lead to a deeper refined copper deficit over the course of this year and continues to boost our conviction in a bullish trajectory for prices. In natural gas we cover some of the recent whipsaw moves in US natural gas prices and whether it is enough to change near-term production estimates out of the US. Additionally, we address today’s announcement by the Biden Administration of a temporary halt in approvals for US LNG export facilities and its potential impact to the global market.
This podcast was recorded on Jan. 26, 2024.
This communication is provided for information purposes only. Institutional clients can view the related report at https://www.jpmm.com/research/content/GPS-4582924-0, https://www.jpmm.com/research/content/GPS-4606675-0, https://www.jpmm.com/research/content/GPS-4606708-0, and https://www.jpmm.com/research/content/GPS-4591164-0 for more information; please visit www.jpmm.com/research/disclosures for important disclosures. © 2024 JPMorgan Chase & Co. All rights reserved. This material or any portion hereof may not be reprinted, sold or redistributed without the written consent of J.P. Morgan. It is strictly prohibited to use or share without prior written consent from J.P. Morgan any research material received from J.P. Morgan or an authorized third-party (“J.P. Morgan Data”) in any third-party artificial intelligence (“AI”) systems or models when such J.P. Morgan Data is accessible by a third-party. It is permissible to use J.P. Morgan Data for internal business purposes only in an AI system or model that protects the confidentiality of J.P. Morgan Data so as to prevent any and all access to or use of such J.P. Morgan Data by any third-party.
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