Global copper investment horizon outlook - Q4 2022

The near to medium-term demand outlook is aligned with the trajectory of the global economy. Fears of a recession in the world ex-China remain for 2023, threatening to derail economic growth and consequently end-use copper demand, especially across the construction and consumer-led sectors. The metal market is balanced in 2022 with low visible inventories underpinning prices. As new supply from base case mines and projects comes to the market over the next few years, this will push the metal market into a surplus over the period 2023 to 2025 and prices will come under pressure. Nevertheless, new projects alongside higher scrap availability are required to satisfy evolving demand requirements.