Commodity Market Report
Global copper short-term outlook March 2023
Report summary
The rush of money that flowed into copper and the other commodities at the start of the year following China’s re-opening has been steadily wound down over the past couple of months. The change in direction is partly owed to profit-taking but also to a shift in sentiment, as the recovery in Chinese demand failed to live up to expectations following the New Year break. However, over the final trading days of March, copper prices had traded back above the US$9,000/t level. This coincided with seven consecutive days of LME stock withdrawals. Whether the price can hold above US$9,000/t and even move higher will depend on further market-driven catalysts. Much will depend on definitive signs of a rebound in the Chinese economy and across the rest of the world, and risk-on appetite from investors.
Table of contents
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Supply-demand balances
- China
- Semis developments underpin demand
- 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 24 images and tables including:
- LME cash prices and 3-month spread
- Indexed LME copper prices and equities
- Managed money CFTC positions
- Copper price and stock days of consumption
- Copper supply/demand balance (kt)
- Price forecasts and world quarterly supply-demand balance (kt)
- Improvement in the construction 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)
- 2022/23 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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