Copper Outlook

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Expert copper market insights

Our quarterly copper outlook is published in our Quarterly Metals Report, which covers base, precious and ferrous metals. The impact of supply and demand fundamentals, including LME and SHFE stocks and macroeconomic implications for the copper futures and spot prices are analysed. Our research team produce a copper price range forecast as part of the report.

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Copper Outlook – Q3 2023

Copper, in line with the rest of the base metals complex, weakened in Q2 2023. Much attention has been paid to diminishing stocks on the LME exchange as levels retest the recent and 2005-year lows. However, given the muted demand outlook, prices seem to be less impacted by stock moves. For 2023, copper is expected to remain in a slight surplus of 36k tonnes of refined material, one of the last years of surplus before underinvestment in mining capacity and longer-term demand prospects from EVs deepen the global material deficit...

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