The global copper market is expected to see a deficit of 27,000 metric tons this year and a surplus of 467,000 tons in 2024, the International Copper Study Group (ICSG) said on Wednesday.
World refined copper usage is expected to increase by about 2% in 2023 and 2.7% in 2024, the ICSG said in a statement.
“Although the global economic outlook is challenging, an expected improvement in manufacturing activity, the ongoing energy transition and the development of new semis production capacity in various countries should support higher growth in world refined usage in 2024,” the group said.
Three-month copper on the London Metal Exchange CMCU3 was trading around $8,000 a tonne on Wednesday, hovering near four-month lows, on growth worries and rising inventories.
World refined copper production is forecast to rise by about 3.8% in 2023 and 4.6% in 2024, the ICSG said.
“World growth in 2023 and 2024 will be mainly sustained by the continued expansion of Chinese electrolytic capacity. However, 2024 will also see the startup of new or expanded smelters/refineries in Indonesia, India and the United States that will also contribute to higher production.”
Source: Hellenic Shipping News
