The International Copper Study Group (ICSG) said that the global copper market is expected to have a supply gap of 27,000 tons this year and a surplus of 467,000 tons in 2024.
ICSG predicts that world refined copper consumption will increase by approximately 2% in 2023 and 2.7% in 2024.
Despite the challenging global economic outlook, the report states that manufacturing activity is expected to improve, the energy transition continues, and new semi-finished product capacity development in various countries should support accelerated growth in global refined copper consumption in 2024.
Three-month copper on the London Metal Exchange (LME) traded below $8,000 a ton, hovering near a four-month low, as exchange inventories increased amid worries about global economic growth.
ICSG predicts that world refined copper production will increase by approximately 3.8% year-on-year in 2023 and 4.6% in 2024.
The report stated that production growth in 2023 and 2024 will be mainly maintained by the continued expansion of China's electrolytic production capacity. But new or expanded smelters and refineries will also be launched in Indonesia, India and the United States in 2024, which will also help increase production.
微信扫一扫打赏
