ICSG Statistical Committee Revealed 2024/2025 Copper Market Forecast

Meanwhile, the world apparent refined copper usage is expected to see an increase by around 2.2% in 2024 and 2.7% in 2025.

SEATTLE (Scrap Monster): The International Copper Study Group (ICSG), at its recent meeting of the Statistical Committee held in Lisbon, Portugal, released Copper Market Forecast 2024/25.

Based on the analysis, there will be a 1.7% increase in global copper mine production in 2024, and a 3.5% increase in 2025. The current year's growth prediction is little less than the 2% increase seen in 2023. Reduced output due to the closure of the Cobre Panama mine will partially offset the increased output from a few mine improvements and expansions.

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After a string of maintenance failures, mishaps, and operational problems in 2023, the world's output of refined copper is predicted to increase by about 4.24% in 2024. According to ICSG, growth will be 1.6% less in 2025, mostly as a result of a restricted expansion in primary electrolytic refined production brought on by limited concentrate availability.

In the meantime, it is anticipated that global apparent refined copper consumption would rise by 2.2% in 2024 and 2.7% in 2025. It is anticipated that Chinese usage will decrease from 2% in 2024 to 1.8% in 2025.

According to the analysis, the global refined copper balance is expected to be in excess of 469,000 tonnes in 2024 and 194,000 tonnes in 2025.

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