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

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

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