ICSG: World Refined Copper Market Ended in Surplus in Jan '24

The primary production reported an increase of 4.5%, while the secondary production was up by 9%.

SEATTLE (Scrap Monster): The preliminary data for world copper supply and demand for the month of January 2024 indicates surplus market. The March 2024 Copper Bulletin published by the International Copper Study Group (ICSG) states that refined copper market balance ended at a surplus of approximately 51,000 tonnes during this period.

The world copper mine production has increased marginally by nearly 2.5% during the first month of 2024. The concentrate production has increased by around 2%, whereas the SX-EW output has surged higher significantly by 4.5%.

The production in Chile- the world’s largest copper mine producing country, increased marginally by 0.5% during the month. The preliminary data indicates that the DRC output grew by around 9%, mainly due to Kamoa mine expansion and expanded capacities at other mines.

The world refined copper output increased modestly by 5% during the initial month of the current year. The primary production reported an increase of 4.5%, while the secondary production was up by 9%.

The apparent refined copper usage witnessed growth by 6% in January this year. The Chinese apparent usage saw 12% increase, partially offsetting the decline in other regions. The world ex-China refined copper usage is estimated to have declined by around 0.1% during the month, said ICSG Copper Bulletin.

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