Copper prices averaged USD 8,693 per metric ton in March, up 4.7% from February. On 29 March, the commodity traded at USD 8,767 per metric ton, up 4.3% from 29 February.
A rebound in China’s manufacturing PMI in March likely buoyed demand. On the production side, a tight supply of copper concentrate and the expansion of China’s smelting capacity have driven treatment charges in the country to their lowest level in over a decade in recent months. Against this backdrop, Chinese refined copper output slid month-on-month in February, and there is growing expectation of a further downturn in supply: In mid-March, several Chinese smelters pledged to cut output.
Copper LME (prices in US$/mt, aop)
Q1 2021 | Q2 2021 | Q3 2021 | Q4 2021 | Q1 2022 | Q2 2022 | Q3 2022 | Q4 2022 | |
---|---|---|---|---|---|---|---|---|
Copper LME | - | - | - | - | - | 9,536 | 7,767 | 8,030 |