Commodity Market Report

Global copper short-term outlook July 2022

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The sell off in the market that emerged in June continued through the first half of July amid an increasingly gloomy outlook for the global economy. Copper prices fell to their lowest level since November 2020, falling just below the US$7,000/t level mid-month and well off the peaks in the prior months. Prices have since recovered to trade above US$7,800/t, initially buoyed by signs of improvement in the Chinese economy as post-lockdown business activity and confidence improved, despite disruptions from sporadic Covid-19 outbreaks across the country. Copper gained further momentum on a weaker dollar and news that the Chinese regulator is to step up efforts to support the struggling property sector by extending loans to qualified real estate projects where reasonable.

Table of contents

    • China
    • USA
    • Asia ex-China
    • Concentrate markets
    • China concentrate markets
    • Blister/anode and scrap markets
    • Smelter production developments
    • Mine production developments
    • Other mine production developments
    • Mine project developments
    • Corporate activity

Tables and charts

This report includes 28 images and tables including:

  • Indexed LME cash prices - Aluminium and Nickel
  • Indexed LME cash prices - Copper, Lead & Zinc
  • LME price spreads and stocks
  • Cancelled Warrants as % of LME Stocks
  • LME copper prices vs trade weighted dollar index
  • Regional premia
  • SHFE and COMEX stocks (kt)
  • Price forecasts and world quarterly supply-demand balance (kt)
  • Manufacturing PMI trends
  • Monthly EV production
  • US housing starts and completions
  • 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 July 2022

    PDF 1.32 MB