Global copper short-term outlook May 2023 Report

Commodity Market Report 31 May 2023

Get this report*

$5,000

You can pay by card or invoice

Share link

First name
Last name
Job Title
Company
Email
Telephone

Country

Message

Consent

Please keep me informed about Wood Mackenzie products, services and events.

Submit Category

For details on how your data is used and stored, see our Privacy Notice.

- FAQs about online orders
- Find out more about subscriptions

*Please note that this report only includes an Excel data file if this is indicated in "What's included" below

Report summary

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.

Supply-demand balances
- China
- Europe
- Asia ex-China
- South Korea and Taiwan
- 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 29 images and tables including:

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
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)