Commodity Market Report
Global copper investment horizon outlook - Q3 2022
Report summary
The near to medium-term outlook for the copper market will be aligned with the outlook of the global economy, particularly over the next couple of years. Rolling interest rate hikes are threatening to derail economic growth and consequently end-use copper demand, especially across consumer-led sectors. Over the period 2023 to 2025, prices will come under pressure as supply growth outstrips that of demand as output from new projects hits the market. Nevertheless, new projects alongside higher scrap availability are required to satisfy evolving demand requirements.
Table of contents
-
Copper medium-term outlook
- Investment Horizon – Medium-term supply considerations
- Long-term outlook
- Main risks around our base case copper market outlook
- Scenario analysis
- Overview
- Changes since the last quarter
- China
- Europe
- North America
- Latin America
- Asia ex-China
- Rest of world
-
Trends in consumption of secondary copper
- China scrap policy
- Global scrap outlook
-
Overview and supply changes since the last quarter
- Mine projects
- Base Case
- Probable
- Possible
- Mine Disruption Allowance
-
Regional mine production capability
- Summary
- Africa
- Asia (excluding China)
- China
- Europe
- Latin America and the Caribbean
- Middle East
- North America
- Oceania
- Russia and the Caspian
-
Regional smelter production capability
- Summary
- Africa
- Asia (excluding China)
- China
- Europe
- Latin America & Caribbean
- Middle East
- North America
- Oceania
- Russia and the Caspian
-
Regional refinery production capability
- Summary
- Africa
- Asia (excluding China)
- China
- Europe
- Latin America & Caribbean
- Middle East
- North America
- Oceania
- Russia and the Caspian
Tables and charts
This report includes 50 images and tables including:
- Surpluses emerging in the global metal market over the short term
- Total copper consumption by property 2000-2032
- Total copper semis production 2000-2032
- Regional refined copper consumption 2000-2032
- Total copper consumption by industry sector 2000-2032
- Changes in refined copper consumption by region
- Regional refined copper consumption – kt
- Higher grid investment during 14th five-year period
- Mexican share of regional refined consumption to rise
- Refined copper consumption forecast regional breakdown 2020-32
- Indexed Copper Consumption Growth - 2010-2032
- Quantity of projects sanctioned
- Chilean equity project capability by company, 2032
- Peruvian equity project capability by company, 2032
- US equity project capability by company, 2032
- Russian equity project capability by company, 2032
- New frontiers opening up (project capability), 2032
- Global supply/demand balance global summary (kt)
- Stock days of consumption and price
- Global copper production and primary demand
- Price scenarios US$/t (real 2022$)
- Price scenarios
- New standards for renewable copper material
- New standards for renewable brass material
- Global copper scrap use as a percentage share of total demand, 2000-2032
- Chart: Mine disruptions summary
- Disruptions summary (copper in concentrate and SxEw cathode)
- Regional copper mine production - kt Cu
- Chart: Africa copper mine production - Mt Cu
- Chart: Asia (excl. China) copper mine production - Mt Cu
- Chart: Europe copper mine production - Mt Cu
- Chart: Latin America and the Caribbean copper mine production - Mt Cu
- Chart: Middle East copper mine production - Mt Cu
- Chart: North America copper mine production - Mt Cu
- Chart: Oceania copper mine production - Mt Cu
- Chart: Russia and the Caspian copper mine production - Mt Cu
- Copper smelter production capability (kt Cu)
- Chart: Africa copper smelter production capability - Mt Cu
- Chart: Asia (excl. China) copper smelter production capability - Mt Cu
- Chart: Europe copper smelter production capability - Mt Cu
- Chart: Latin America and the Caribbean copper smelter production capability - Mt Cu
- Chart: North America copper smelter production capability - Mt Cu
- Chart: Russia and the Caspian copper smelter production capability - Mt Cu
- Regional copper refinery production capability - kt Cu
- Chart: Africa copper refinery production capability - Mt Cu
- Chart: Asia (excl. China) copper refinery production capability - Mt Cu
- Chart: Europe copper refinery production capability - Mt Cu
- Chart: Latin America and the Caribbean copper refinery production capability - Mt Cu
- Chart: North America copper refinery production capability - Mt Cu
- Chart: Russia and the Caspian copper refinery production capability - Mt Cu
What's included
This report contains:
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