Commodity Market Report
Global copper short-term outlook May 2023
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$8,000/t level and to their lowest level since November 2022.
Table of contents
-
Supply-demand balances
- China
- Europe
- Asia ex-China
- South Korea and Taiwan
- Concentrate markets
- China concentrate markets
- Blister/anode and scrap markets
- Smelter production developments
- Other smelter news
- Mine production developments
- Other production news
- Mine project developments
- Corporate activity
Tables and charts
This report includes 29 images and tables including:
- Investment funds - LME positions
- Managed money - CFTC positions
- LME cash price and 3-month spread ($/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)
What's included
This report contains:
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