Commodity Market Report

Global copper short-term outlook July 2023

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As we head into the second half of 2023, copper is performing better than the other base metals given its close ties to the broader green economy, but not by much. Base metal prices have been trapped for most of this year between weak economic growth momentum in China, an acceleration in the slowdown of manufacturing across key markets in the rest of the world and rising base metal supply. The highly volatile performance of the world’s economies in the wake of the pandemic and thin summer markets mean that the price will be vulnerable to macro-economic sentiment on the one hand and supply side developments on the other. Indeed, the tug of war that has been a feature of the copper market in recent months shows no signs of abating. Copper could revisit the recent lows if, for example, there was a setback in the efforts to curb US inflation.

Table of contents

    • Europe
    • Italy
    • Poland
    • Asia ex-China
    • Vietnam
    • Concentrate markets
    • China concentrate markets
    • Blister/anode and scrap markets
    • Smelter production developments
    • Other smelter news
    • Mine production developments
    • Other production news
    • Mine project developments
    • Corporate activity

Tables and charts

This report includes 25 images and tables including:

  • LME cash price and 3-month spread (US$/t)
  • Changes to base metal prices since the start of 2023
  • Exchange stocks - 2007 to current (kt)
  • Regional spot premia
  • Price forecasts and world quarterly supply-demand balance (kt)
  • Italy semis production trends
  • Poland copper and copper alloy semis production trends
  • Vietnam GDP growth by sector
  • 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)
  • 2023 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 2023

    PDF 1.22 MB