ICSG Declared Copper Market Forecast for 2024 and 2025

The world refined copper production is expected to rise by around 2.8% in 2024 and by 2.2% in 2025.

SEATTLE (Scrap Monster): The recently held meeting of the Statistical Committee of the International Copper Study Group (ICSG) in Lisbon, Portugal released copper market forecast for 2024 and 2025.

The ICSG expects world copper mine production to register marginal growth by 0.5% in 2024. This is much lower from the growth forecast of 3.7% by the study group in October last year. The lower growth forecast is mainly on account of delays in project commissioning and ramp-up of projects and the closure of First Quantum’s Cobre Panama mine. The production is anticipated to record strong growth by 3.9% in 2025.

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The world refined copper production is expected to rise by around 2.8% in 2024 and by 2.2% in 2025. Meantime, the world apparent refined copper usage is anticipated to increase by 2% in 2024 and 2.5% in 2025. The Chinese usage is predicted to grow by 2% and 1.6% in 2024 and 2025 respectively. The world refined usage growth forecast for 2024 was revised down from the forecast of 2.7% made in October 2023.

ICSG said that the projections for world refined copper balance indicates a surplus of around 162,000 tonnes for the current year, which will then reduce to 94,000 tonnes next year. The surplus figures are much lower than 467,000 tonnes forecast last October, mainly due to lower-than-expected refined copper production.

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