Commodity Market Report

Global copper short-term outlook November 2022

30 November 2022

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30 November 2022

Global copper short-term outlook November 2022

Report summary

Copper prices have been swayed both up and down by a combination of factors this month; movement in the US dollar, erratic news flow out of China surrounding any relaxation or not of the country’s zero-Covid policies, persistent supply side issues and the uncertain macro-economic outlook given rising inflation and interest rates. Over the remainder of this year, we expect prices to remain volatile amid the uncertainty around the macroeconomic outlook and monetary policy decisions, given the better inflation readings that have emerged of late.

Supply-demand balances
- China
- North America
- United States
- Asia ex-China
- Japan, South Korea and Taiwan
- Concentrate markets
- China concentrate markets
- Blister/anode and scrap markets
- Smelter production developments
- Other smelter news
- Mine production developments
- In other production news
- Mine project developments
- Corporate activity

Tables and charts

This report includes 24 images and tables including:

LME prices - highs, lows and monthly average ($/t)
LME copper prices vs trade weighted dollar index
Managed money CFTC positions

Cash to 3-month spread and LME stocks - total and on warrant
Cancelled Warrants as % of LME Stocks
Price forecasts and world quarterly supply-demand balance (kt)
Vehicle production growth in South Korea
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 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)