ICSG: World Copper Market Recorded Apparent Surplus

SEATTLE (Scrap Monster): The preliminary data for world copper supply and demand for the month of May 2024 indicates that the market ended in apparent surplus during the first five months of the current year.

The July 2024 Copper Bulletin published by the International Copper Study Group (ICSG) states that refined copper market balance ended at a surplus of approximately 416,000 tonnes during Jan-May ‘24.

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The world copper mine production has increased modestly by nearly 4% during the period from January to May in 2024. The concentrate production has increased by around 2.8%, whereas the SX-EW output has recorded substantial surge by 9.2%.

The production in Chile- the world’s largest copper mine producing country, increased by 3.3% during the initial five-month period of the year. On the contrary, mine output remained more or less unchanged in Peru during this period, compared with the corresponding period in 2023. The Indonesian output increased by 31%, recovering from operational constraints during the initial quarter of the year.

The world refined copper output increased modestly by 6% during the initial five-month period during the current year. The primary production as well as the secondary production recorded increase by 6% each.

The apparent refined copper usage witnessed growth by 3.7% in Jan-May ‘24. The Chinese apparent usage saw 5.5% increase, partially offsetting the decline in other regions. The world ex-China refined copper usage is estimated to have badly impacted by weak demand in the EU, Japan and the U.S.