Global copper market to have a surplus of 155,000 tonnes in 2023, says ICSG

The global copper market is expected to see a deficit of about 325,000 tonnes this year and a surplus of 155,000 tonnes in 2023, the International Copper Study Group (ICSG) said on Wednesday.
 

"Continued COVID-19 related restrictions and workforce absenteeism, operational and geotechnical issues, strikes, water restrictions in Chile, lower than expected head grades and community actions in Peru have constrained mine output at a number of operations this year," it said in a release.
 

Three-month copper on the London Metal Exchange was trading around $7,363 a tonne on Wednesday having declined more than 30% on growing recession fears since scaling a record peak of $10,845 in March.
 

World apparent refined copper usage is expected to increase by about 2.2% in 2022 and 1.4% in 2023, the ICSG said.
 

"A deterioration in the global economic outlook, mainly as a consequence of elevated energy prices and high inflation has resulted in a downward revision to refined usage growth for both 2022 and 2023," the Group said.
 

World refined copper production is forecast to rise by about 2.8% in 2022 and 3.3% in 2023, the ICSG said.