Commodity Market Report

Global copper short-term outlook January 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

As we enter 2023, the factors that have influenced copper prices have not gone away. Indeed, the challenges and uncertainties facing the global economy and the copper market specifically remain in place and suggest another year of volatility. Prices of copper and other commodities through January have raced ahead, underpinned by a shift in sentiment driven by expectations of a rapid recovery in economic activity and copper demand following China’s rapid change in stance on zero-Covid. There is also cautious optimism for improving demand in the rest of the world and especially Europe as the latest macro-economic indicators suggest that the continent managed to avoid slipping into recession in Q4. Meanwhile, ongoing supply disruptions and low and declining inventories will provide price support, despite our expectation of a surplus for the year.

Table of contents

    • China
    • Europe
    • Germany
    • Asia ex-China
    • South Korea
    • Concentrate markets
    • China concentrate markets
    • Blister/anode and scrap markets
    • 6 more item(s)...

Tables and charts

This report includes the following images and tables:

  • LME 3-month prices - highs and lows (US$/t)
  • Investment funds - LME positions
  • Managed money - CFTC positions
  • Regional exchange stocks - monthly changes (kt)
  • LME copper prices vs trade weighted dollar index
  • Price forecasts and world quarterly supply-demand balance (kt)
  • PMIs point to some improvements in manufacturing activity
  • Aurubis wire rod production (kt)
  • Passenger vehicle production
  • Commercial vehicle production
  • Semis output (kt)
  • Production and shipments of copper wire rod and copper semis - kt
  • 16 more item(s)...

What's included

This report contains:

  • Document

    Global copper short-term outlook January 2023

    PDF 1.14 MB