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ICSG sees copper supply outstripping demand in 2021, 2022

5th May 2021

By: Mariaan Webb

Creamer Media Senior Deputy Editor Online

     

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Following a significant copper shortfall last year that drove a price rally, the International Copper Study Group (ICSG) is saying that copper supply will outstrip demand this year and next year.

The ICSG is forecasting market surpluses of 80 000 t and 110 000 t for 2021 and 2022, respectively. This is after a sharp increase in Chinese apparent refined copper usage pushed the market to a deficit of 600 000 t in 2020.

The group notes that world copper mine production, adjusted for historical disruption factors, is expected to increase by 3.5% in 2021 and 3.7% in 2022, as output recovers from the 2020 Covid-19 constraints and new projects enter production.

Some of the major copper mines starting in 2021 and 2022 include Kamoa-Kakula in the Democratic Republic, Quellaveco in Peru, Spence-SGO and Quebrada Blanca QB in Chile, as well as Udokan in Russia.

Refined copper production is forecast to rise by 3% in 2021 and 2022.

Apparent refined copper usage is expected to remain unchanged in 2021 and to grow by 3% in 2022. The ICSG notes that copper is essential to economic activity and even more so to the modern technological society and will thus continue to report sustained demand growth.

Edited by Creamer Media Reporter

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