ICSG forecasts copper supply pressures but cautious on demand [Reuters]
HONG KONG EX&CL UNSP/ADR (HKXCY)
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Source: Reuters
Copper bulls might take issue with the group's view the refined copper market will still be in oversupply this year and the next to the tune of 162,000 and 94,000 metric tons respectively. But when it last met in October, the ICSG's statistical committee was expecting a 467,000-ton glut of metal this year. The new forecasts suggest a much closer alignment of production and demand in what is a 27-million-ton global market. Report this ad The revisions largely confirm the current bull narrative of a squeeze on raw materials that will brake refined metal output growth. A cautionary caveat comes in the form of a downwards revision to global usage this year and a subdued demand outlook in China, the world's largest copper consumer. CONCENTRATES SQUEEZE Back in October, the ICSG expected mine supply to surge by 3.7% this year due to a combination of new mines, expansions and a broader recovery from the operational constraints of 2023. That surge has become a trickle with the
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