Commodity Market Report
Global copper short-term outlook February 2023
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*Please note that this report only includes an Excel data file if this is indicated in "What's included" below
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
- 4 more item(s)...
Tables and charts
This report includes the following images and tables:
- 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
- 16 more item(s)...
What's included
This report contains:
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