Investor Presentaiton
Metal prices remain at attractive levels. Tight monetary policy and
uneven China recovery weigh on the outlook
COMMODITY
COPPER
GOLD
IRON ORE
SUPPLY AND DEMAND
Mined Copper Supply
Mined Copper Demand
PRICE DEVELOPMENT
US$/t
12 000
kt
4%
24
10 000
LME-Copper Grade A Cash
5%
- 22
200
LTM
8 000
20
Latest Forecast 10/2023
18
6.000
Previous Forecast 08/2023
16
4 000
2021
2022
2023f
2024f
2025f
2026f
Total Gold Supply
Total Gold Demand
ニニニ
2010 2012 2014 2016 2018 2020 2022 2024 2026
US$/oz
2 000
+2%
kt
-6%
46 +2
1 800
LBMA-Gold Bullion
1 600
4
LTM
1 400
Latest Forecast 10/2023
1 200
Previous Forecast 08/2023
1 000
0
2021
2022
2023
2024
800
2010 2012 2014 2016 2018 2020 2022 2024 2026
US$/t
Mined Iron Ore Supply
Mined Iron Ore Demand
+1%
250
Mt
NYMEX-Iron Ore 62% FE
+1%
200
3 000
LTM
150
2 000
- Latest Forecast 10/2023
Previous Forecast 08/2023
100
- 1 000
50
0
2021
2022
2023
2024
2025
2026
0
2010 2012 2014 2016 2018 2020 2022 2024 2026
Source: S&P Global, HSBC Metals Quarterly, Investment banks price forecasts, Thomson Reuters Eikon datastream.
*Market balance equals total supply minus total demand. When the difference is positive it means there is a surplus in the market (demand<supply), if negative it means there is a deficit (demand>supply).
16
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