Commodity Market Report

Global copper short-term outlook May 2023

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May saw copper prices take a tumble amid further unwinding of long positions by the investor community on growing concerns over the slowing global economic outlook and the performance of China in particular. Meanwhile, the extended US debt ceiling process saw the US dollar strengthen further, dragging all LME base metals lower under a potential scenario of a downgrade to US debt ratings and continued hikes in interest rates. The persistent rise in LME exchange stocks added to the weaker tone in copper, with 3-month prices tumbling below the US$8,000/t level and to their lowest level since November 2022.

Table of contents

    • China
    • Europe
    • Asia ex-China
    • South Korea and Taiwan
    • Concentrate markets
    • China concentrate markets
    • Blister/anode and scrap markets
    • Smelter production developments
    • 5 more item(s)...

Tables and charts

This report includes the following images and tables:

  • Investment funds - LME positions
  • Managed money - CFTC positions
  • LME cash price and 3-month spread ($/t)
  • LME copper prices vs trade weighted dollar index
  • ShFE vs LME cash prices ($/t)
  • Regional exchange stocks (kt)
  • Price forecasts and world quarterly supply-demand balance (kt)
  • Monthly installed wind capacity
  • Monthly installed solar capacity
  • Eurozone economy is being underpinned by the services sector
  • Aurubis quarterly wire rod production trends
  • South Korean monthly vehicle output recovers in 2023
  • 17 more item(s)...

What's included

This report contains:

  • Document

    Global copper short-term outlook May 2023

    PDF 1.14 MB