Commodity Market Report

Global copper short-term outlook October 2022

31 October 2022

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31 October 2022

Global copper short-term outlook October 2022

Report summary

Copper prices remain volatile. Although economic uncertainty, weak PMIs and fresh Covid-19 lockdowns in Chinese cities have placed downward pressure on the price, the market has been and is being supported on the downside by persistent outflows of metal from LME sheds. Furthermore, supply continues to disappoint as Chilean and Peruvian copper production lags behind last year's levels. The announcement by MMG that it would progressively slow operations at Las Bambas helped 3-month prices rally above the US$8,000/t level on 4 November.

Supply-demand balances
- China
- Europe
- Italy
- Latin America
- Concentrate markets
- China concentrate markets
- Blister/anode and scrap markets
- Smelter production developments
- Mine production developments
- Mine project developments
- Corporate activity

Tables and charts

This report includes 26 images and tables including:

LME cash and 3-month prices and 3-month spread
LME regional exchange stocks - changes (kt)
Chinese stocks - reported SHFE, bonded estimates (kt)

Copper price and stock days of consumption
Copper supply/demand balance (kt)
Price forecasts and world quarterly supply-demand balance (kt)
Italy semis production trends
Paranapanema semis production
Brazil quarterly semis exports
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)