Global Key Base Metals Face Supply Glut, Severe Oversupply for Aluminium, But There Is a Global Copper Shortage

Published: May 26, 2023 16:46
The latest report released by the World Bureau of Metal Statistics (WBMS) showed that in March 2023, the global copper cathode output stood at 2.1 million mt, and consumption was 2.17 million mt. The supply shortage stood at 74,400 mt. Global output of copper ore stood at 1.76 million mt in March 2023.

The latest report released by the World Bureau of Metal Statistics (WBMS) showed that in March 2023, the global copper cathode output stood at 2.1 million mt, and consumption was 2.17 million mt. The supply shortage stood at 74,400 mt. Global output of copper ore stood at 1.76 million mt in March 2023.

In March 2023, the global primary aluminium production was 5.7454 million mt, the consumption was 5.5973 million mt, and the oversupply was 148,200 mt. 

Global refined nickel production was 233,100 mt, the consumption was 227,500 mt, and the oversupply was 5,600 mt.

Global output of nickel ore stood at 290,500 mt in March.

The global zinc plate production was 1.2838 million mt, the consumption was 1.2621 million mt, and the supply surplus was 21,700 mt.

Global output of zinc ore stood at 1.175 million mt in March.

The global refined tin production was 29,400 mt, the consumption was 27,500 mt, and the oversupply was 1,900 mt.

The output of global tin ore stood at 25,200 mt in March 2023.


More popular news:

SMM Daily Comments (Jun 2): All Metals Closed Higher with SHFE Nickel Leading Gains, Coke Surged

SMM Daily Comments (Jun 5): Base Metals Mostly Fell, Ferrous Metals Bucked the Trend to Surge, Oil Gained Further on Saudi Arabia Output Cuts in July

SMM Indonesia Nickel and Cobalt Industry Chain Conference: Global Nickel & Cobalt Supply and Demand Prospect, Impact from NEV Development

Glencore to Aggressively Expand Copper Capacity

World Bank Raises Forecast for Global Economic Growth in 2023 with Significant Increase for China, Emphasises Dangers of A High-Interest Rate Environment, But Lowers Forecast for 2024

Changan Automobile Denies Rumours of "Withholding Payment": NOT True and Has Reported to Public Security Authority

Commerzbank Lowers Price Forecast for Copper, Aluminium, Zinc and Nickel for 2023 and 2024

Rumours Say Glencore Will Raise Takeover Bid for Teck Resources, but Another Big Obstacle Lies Ahead

Commodity Price Bubble Finally Burst, but Metals Demand Will Surge

Data Source Statement: Except for publicly available information, all other data are processed by SMM based on publicly available information, market communication, and relying on SMM‘s internal database model. They are for reference only and do not constitute decision-making recommendations.

For any inquiries or to learn more information, please contact: lemonzhao@smm.cn
For more information on how to access our research reports, please contact:service.en@smm.cn
Related News
One and One Green Expands into E-Scrap Copper Recycling
28 mins ago
One and One Green Expands into E-Scrap Copper Recycling
Read More
One and One Green Expands into E-Scrap Copper Recycling
One and One Green Expands into E-Scrap Copper Recycling
One and One Green Technologies is expanding into the e-waste recycling market in Metro Manila. The company processes electronic scrap and industrial waste into copper alloy ingots and other products. Analysts see Southeast Asia emerging as a key growth region for recycled copper supply.
28 mins ago
Nexans Builds Large Copper Recycling Hub to Boost Secondary Supply
30 mins ago
Nexans Builds Large Copper Recycling Hub to Boost Secondary Supply
Read More
Nexans Builds Large Copper Recycling Hub to Boost Secondary Supply
Nexans Builds Large Copper Recycling Hub to Boost Secondary Supply
Nexans is developing a large copper recycling center capable of processing up to 80,000 tonnes of scrap annually. The project aims to reduce reliance on primary copper and improve supply resilience. The company highlighted recycled copper as a strategic resource amid tightening global supply.
30 mins ago
BHP Submits Chile Copper Ore Expansion Plan; LME Copper and SHFE Copper Both Closed Lower Overnight [SMM Copper Morning Meeting Summary]
39 mins ago
BHP Submits Chile Copper Ore Expansion Plan; LME Copper and SHFE Copper Both Closed Lower Overnight [SMM Copper Morning Meeting Summary]
Read More
BHP Submits Chile Copper Ore Expansion Plan; LME Copper and SHFE Copper Both Closed Lower Overnight [SMM Copper Morning Meeting Summary]
BHP Submits Chile Copper Ore Expansion Plan; LME Copper and SHFE Copper Both Closed Lower Overnight [SMM Copper Morning Meeting Summary]
SMM Morning Meeting Summary: Overnight, LME copper opened at $12,724.5/mt. In early trading, it fluctuated upward to a high of $12,829.5/mt, after which the center of copper prices shifted straight downward to a low of $12,721/mt. It then fluctuated upward in a pullback and finally closed at $12,780/mt, down 1.07%. Trading volume reached 17,000 lots, and open interest stood at 293,000 lots, down 8,255 lots from the previous trading day, mainly due to longs reducing positions. Overnight, the most-traded SHFE copper 2604 contract opened at 99,120 yuan/mt. In early trading, it rose to 99,530 yuan/mt, then fluctuated downward all the way to a low of 98,900 yuan/mt. Afterwards, the center of copper prices moved upward and finally closed at 99,140 yuan/mt, down 0.92%. Trading volume reached 27,700 lots, and open interest stood at 177,000 lots, down 1,993 lots from the previous trading day, mainly due to longs reducing positions.
39 mins ago
Global Key Base Metals Face Supply Glut, Severe Oversupply for Aluminium, But There Is a Global Copper Shortage - Shanghai Metals Market (SMM)