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Commodity Market Report

Global copper short-term outlook December 2022

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21 December 2022

Global copper short-term outlook December 2022

Report summary

In keeping with the trend throughout much of 2022, December saw high volatility in prices. News of a further relaxation in China’s zero-Covid policy drove three month prices back above the US$8,600/t level. However, the rally petered out on the near-term impact of slowing economic activity in China from escalating infection rates as well as hawkish comments by the US Fed following another interest rates rise. Challenges remain for both supply and demand as we look ahead into 2023. The scene is set for another year of volatile prices. Visible inventories remain at historically low levels and while production is expected to rise, this will be set against an uncertain macroeconomic backdrop.

Table of contents

    • Changes to the forecast
    • China
    • Europe
    • Asia ex-China
    • Japan, South Korea and Taiwan
    • India
    • ASEAN
    • Concentrate markets
    • China concentrate markets
    • Blister/anode and scrap markets
    • Smelter production developments
    • Other smelter news
    • Mine production developments
    • In other production news
    • Mine project developments
    • Corporate activity

Tables and charts

This report includes 28 images and tables including:

  • Indexed LME cash prices
  • LME copper prices vs trade weighted dollar index
  • Managed money CFTC positions
  • Copper price and stock days of consumption
  • Copper supply/demand balance (kt)
  • Price forecasts and world quarterly supply-demand balance (kt)
  • Global PMI trend
  • Cumulative impact of changes to the forecast for 2022-2024
  • Robust growth in EV production
  • Wire rod import in India
  • Rising Hindalco wire rod production
  • Production and shipments of copper wire rod and copper semis - kt
  • Global quarterly refined copper consumption - kt
  • Concentrate market TCRCs
  • Global copper-in-concentrate stock changes (kt Cu)
  • 2022 Planned maintenance for Chinese smelters
  • Monthly global imports of copper scrap and electronic scrap (gross weight kt)
  • Blister market RC
  • Monthly reported Chilean copper production
  • Monthly reported Peruvian copper production
  • Global mine production - breakdown by product type (kt copper in concentrate and leach output)
  • Global copper refined consumption (kt)
  • Global copper mine production (kt copper in concentrate and leach output)
  • Global copper smelter production (kt)
  • Global copper refined production (kt)
  • Copper stocks
  • Copper prices and premia
  • Copper supply-demand balance global summary (kt)

What's included

This report contains:

  • Document

    Global copper short-term outlook December 2022

    PDF 1.19 MB