Commodity Market Report
Global copper short-term outlook February 2023
Report summary
The risk-on tone that was the driver of the copper price rally in January dissipated in February. The past month has seen prices weighed down by growing concerns around Chinese demand prospects and a stronger US dollar, both of which have dampened investor enthusiasm for copper. Whilst mine supply disruptions and low inventories have helped to support copper on the downside, prices have remained volatile and unpredictable. For now, hawkish comments from the Fed are weighing on sentiment. This would suggest that prices will remain under pressure over the short term in the absence of any material increase in demand, especially from China – notwithstanding the emergence of further supply-side issues.
Table of contents
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Supply-demand balances
- China
- Europe
- Italy
- Latin America
- Concentrate markets
- China concentrate markets
- Blister/anode and scrap markets
- Smelter production developments
- Other smelter news
- Mine production developments
- Mine project developments
- Corporate activity
Tables and charts
This report includes 28 images and tables including:
- LME cash prices and 3-month spread
- ShFE stock build (Dec to Feb the following year) (kt)
- LME copper prices vs trade weighted dollar index
- Price forecasts and world quarterly supply-demand balance (kt)
- Weekly total operated flights recovered from the 2022 levels
- Confidence in the construction sector
- Assessments over the construction sector
- Italy semis production trends
- Brazil PMIs
- Paranapanema quarterly semis production
- Brazil quarterly semis exports
- 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)
- 2022/23 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:
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