The International Copper Study Group (ICSG) said that the global refined copper market will have a surplus of 213,000 tons in the first half of 2023, compared with a supply deficit of 196,000 tons in the same period last year.
In the first half of this year, higher refined copper production in China and the Democratic Republic of Congo (DRC) outweighed a decline elsewhere, bringing total global refined copper production to 13.5 million tonnes, up 7% from a year earlier.
Global copper mine production rose 2% amid multiple restarts and expansions despite operational problems in Chile, China, Indonesia, Panama and the US, and protests by Peruvian communities aimed at hampering mining operations .
Chile's state-owned copper company Codelco is struggling to boost production from a 25-year low, but output fell 4% year-on-year in the first half of the year as multiple mines were hit by operational problems, falling grades and reduced water supplies.
From the perspective of demand, in the first half of this year, global refined copper consumption was 13.3 million tons, an increase of 4% year-on-year, as strong demand growth in China outweighed the decline in apparent demand in the European Union, Japan and the United States.
ICSG said the global refined copper market saw a deficit of 90,000 tonnes in June, compared with a deficit of 58,000 tonnes in May.
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