Copper Plate Prices in the Global Market Online
North America
In the final quarter of 2022, the
Copper
Plate prices showcased a rising trend in the US market, despite rising
interest rates and a mixed downstream demand outlook. Copper prices fluctuated
due to fears of a global recession as inflation in North America reached double
digits in Q4. The supply outlook remained bleak in October, as lower prices
were insufficient to spur new manufacturing investment. According to buyers,
copper prices rose in mid-Q4 alongside global stock markets as investors
believed that central banks would slow the pace of interest rate rises, and the
dollar fell, making dollar-priced commodities less expensive for buyers using
other currencies. In the absence of any changes in the base metals that
indicated a continuation of sideways movement, the copper plate market remained
uncertain amid global conflicts and the US midterm elections. Buyers reported
that the physical trade had been extremely quiet and would continue to be so
until the end of the year. As a result, domestic buyers chose to adopt a conservative
approach. Thus, the Copper Plate (C 11000) discussions for Ex Alabama (USA)
settled at USD 12383/MT.
Asia Pacific
Copper Plate prices climbed in an
upward direction in the Chinese market in the fourth quarter of 2022, despite
easing current macroeconomic pressures, with solid support from both the supply
and demand sides. Copper concentrate supply in China increased insufficiently
in October, and downstream enterprises feared higher prices, limiting the rise
in copper prices. The possibility that the LME would ban Russian metals boosted
copper Rod
prices. The epidemic reduced the operating rates in both North and
South China. Consumers were becoming incompetent to support rising prices, and
the supply-demand gap widened in mid-Q4. The new production capacity was put
into service, but the supply pressure delivery rate was slower due to
maintenance and equipment transformation disruptions. After China's pandemic
control measures were relaxed at the end of the fourth quarter, market
participants became increasingly concerned about the demand outlook. Imported
and domestic copper arrivals were limited, and downstream firms increased their
purchases in December. The New Year was approaching, and an increase in the
number of COVID-19-infected patients had curtailed downstream companies'
operating rates in half, suppressing demand. As a result, the Ex Qingdao
(China) Copper Plate (C 12000) prices are fixed at USD 7733/MT.
Europe
In the European market, Copper
Plate prices increased in the fourth quarter of 2022, and the currency
strengthened amidst hawkish comments from US Federal Reserve officials. Despite
production difficulties in mid-Q4, the threatened supply situation was not
reflected in Copper Plate prices. The supply outlook remained bleak because the
low prices did not sufficiently stimulate new production. With the exception of
a few large mines in Chile and Peru, the market experienced little expansion.
Copper Plate prices were expected to be volatile if Western nations or the
London Metal Exchange imposed restrictions on Russian-produced metal. However,
the LME did not impose a ban on Russian-origin products. According to market
participants, a stronger dollar increased the cost of the greenback-priced
metal for buyers holding other currencies. Furthermore, global copper stocks
fell to record lows, with current inventories only enough to meet global demand
for a few days and shortage risks that did not reflect the physical market's
tightness. A series of planned and unplanned smelter shutdowns in South America
and Europe have exacerbated the impact of increased supply on treatment charges
this year. Thus, Copper Plate (CW008A-1 mm) prices for Ex Drolshagen settled at
USD 12653/MT.
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