ICSG Report Points to Surplus Refined Copper Market

SEATTLE (Scrap Monster): Preliminary data on global copper supply and demand for November 2024 indicates that the market ended the first eleven months of 2024 with what appeared to be a surplus.

The refined copper market balance ended the January–November 2024 period with a surplus of about 168,000 tonnes, according to the January 2025 Copper Bulletin published by the International Copper Study Group (ICSG).

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World Refined Copper Balance at Apparent Surplus, Says ICSG

Preliminary ICSG estimates for the first eleven months of 2024 indicate a minor increase in worldwide copper mine production of nearly 3.7%. Concentrate production has increased by roughly 1.60%, whereas SX-EW output has increased by only 1%.

Chile's production increased by 4% between January and November of current year. Higher output at the Escondida and Collahuasi mines and the ramp-up of Quebadra Blanca (QB) were the main causes of this rise. The output of the DRC also rose by over ten percent.

In contrast, when compared to the same period in 2023, Peru's mine output decreased slightly by 1% during this time.

The world's production of refined copper increased by 3.7% in the first eleven months of this year. According to the ICSG data, primary production increased by 3.9% while secondary production increased by 3%.

The apparent use of refined copper rose by 2.6% throughout this period. In China, the apparent consumption rose by almost 3%. It is estimated that between January and November of last year, the amount of refined copper used outside of China rose by about 1.9%.