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
Report summary
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
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Supply-demand balances
- China
- Europe
- Germany
- Asia ex-China
- South Korea
- 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:
- 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
- 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:
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