ICSG Posted Surplus Copper Market

SEATTLE (Scrap Monster): The preliminary data for world copper supply and demand for the month of July 2023 indicates that the market ended in apparent surplus during the first seven months of the current year. The September 2023 Copper Bulletin published by the International Copper Study Group (ICSG) states that refined copper market ended at an apparent surplus of around 215,000 tonnes during this period.

ALSO READ:

World Copper Market to Enter an Age of Large Deficits

JP Morgan Foresees Surge in 2023 World Copper Mine Output

The world copper mine production has increased marginally by nearly 1.8% during the period from January to July in 2023. The production in Chile- the world’s largest copper mine producing country, was down by 3% during the initial seven-month period of the year. On the contrary, mine output in Peru recorded 20% growth despite production declines from several mines including Las Bambas and Antapaccay on account of actions by local communities.

The world refined copper output increased significantly by nearly 7% during the initial seven-month period in 2023. The primary production reported an increase of 6.0%, while the secondary production was up by 12.0%.

The apparent refined copper usage witnessed growth by 4% in Jan-July ‘23. The Chinese apparent usage saw 9% increase, partially offsetting the decline in other regions. The world ex-China refined copper usage is estimated to have declined by around 2.5% during this period, when compared with the corresponding seven-month period in 2022, said the ICSG Copper Bulletin.