World Refined Copper Balance at Apparent Surplus, Says ICSG

SEATTLE (Scrap Monster): Preliminary information on the world's supply and demand for copper as of September 2024 indicates that the market ended the first nine months of this year seemingly in excess.

The October 2024 Copper Bulletin from the International Copper Study Group (ICSG) states that the refined copper market balance ended the January–September 2024 period with an approximate 359,000-ton surplus.

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Preliminary ICSG numbers for the first nine months of this year indicate a minor increase of nearly 1.8% in worldwide copper mine production. Concentrate production has only marginally increased by around 2.0%, although SX-EW output has grown by 1.1%.

Chile's production increased by 3% between January and September of this year. Quebadra Blanca's ramp-up and increased production at the Escondida and Collahuasi mines were mostly responsible for this increase. The output of the DRC also rose by over ten percent.

On the other hand, Peru's mine output fell by 0.6% during this time compared to the same period in 2023.

The world's production of refined copper increased by 4.1% in the first nine months of this year. Both primary and secondary production increased by 4.2% and 4.2%, respectively.

The apparent consumption of refined copper rose by 2.5 percent throughout this period. In China, the apparent consumption rose by almost 3%. Between January and September of this year, refined copper use outside of China is estimated to have grown by about 1.7%.