ICSG: World Refined Copper Market in Surplus Until October

SEATTLE (Scrap Monster): According to preliminary data on global copper supply and demand for October 2024, the market concluded the first ten months of this year with an apparent surplus.

The December 2024 Copper Bulletin published by the International Copper Study Group (ICSG) states that refined copper market balance ended at a surplus of approximately 287,000 tonnes during Jan-October ‘24.

The first 10 months of this year have shown a little increase in global copper mine production of over 1.6%, according to preliminary ICSG figures. While the SX-EW output saw a little increase of 1.4%, the concentrate production climbed by about 1.7%.

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Chile, the world's top producer of copper mines, saw a 3.3% growth in production between January and October of 24. On the other hand, when compared to the same period in 2023, Peru's mine output decreased slightly by 0.7% during this time. Indonesia's output increased by 19%. Additionally, the DRC's output increased by about 10%.

The first ten months of this year saw a little 3.7% growth in the world's output of refined copper. Both the primary and secondary productions saw increases of 3.8% and 3.4%, respectively.

From January to October of this year, the apparent use of refined copper increased by 2.5 percent. The apparent consumption in China increased by about 3%. According to estimates, the world's consumption of refined copper outside of China increased by roughly 1.7% in the first 10 months of 2024.