Global copper short-term outlook June 2023
Volatility has prevailed across commodity markets amid a backdrop of growing uncertainty for both supply and demand. A lack of conviction in China’s post-pandemic recovery is set against a backdrop of a global economic slowdown which continues to intensify amid high inflation and ongoing interest hikes. At the same time, the market is watching closely to see how copper production and project delivery will fare over the balance of this year. Meanwhile, low visible inventories are lending price support, as are disruptions to supply following the rains in Chile.