March 2023 S&P Global consensus metal prices Base metals were...

March 2023 S&P Global consensus metal prices

Base metals were not spared the fallout from the banking sector woes, with the London Metal Exchange ('LME') copper cash price dropping to a two-month low of US$8,480.75 per metric ton March 15, although the price has since recovered some lost ground, heading above US$9,000/t spurred by a risk-on tone in the market and a softer US dollar. A slowly recovering global economy, higher availability of copper scrap in China, and improving mined supply following production restarts in Indonesia and Peru and renewed shipments from Panama are capping the price upside.

S&P Global expects seasonal improvements in demand from China, in addition to firm US demand of late, it nevertheless anticipates a tight copper market. Amid the current volatile market, consensus copper price forecasts for 2023 were modestly revised downward by 0.2%.

Note: US$4.58/lb = US$10,097/tonne (using a conversion factor of 2,204.62).




In the S&P Global table above, prices in RED represent a 1% or lower forecast. While prices in GREEN represent a 1% or higher forecast, compared with last month's consensus estimate target price.

Cheers

These are only my thoughts and it does not constitute investment advice. Before acting on any information you read and before making any financial or investment decisions, you should always consult your advisor(s) or other relevant professional experts.