Copper: Things to look for in 2023 Report

Insight 16 January 2023

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Report summary

2022 saw another year of significant price volatility, as copper traded above US$10,000/t. Uncertainty will drive volatility again in 2023, especially with visible exchange stocks at multi-year lows. How the Chinese economy unfolds following its rapid reopening and any implications on the global economy will shape demand, as will further inroads into the energy transition. Mine supply is set to rise at pace this year, however the operating environment in major producing countries remains challenging. In this Insight, we present some of the major factors that will be key in the copper market for 2023.

Overview
- Unpredictable economic recovery in China.
- Exchange stocks at multi-year lows will underpin market volatility.
- Demand growth reinforced by the energy transition in RoW.
- Mine supply is set to rise in 2023
- but with significant downside risks.