Global – The world refined copper market will be ‘essentially balanced’ across 2016 as a whole. A deficit of just 8000 tonnes is anticipated for this year whereas 2017 is thought likely to yield a surplus of 163 000 tonnes, according to updated projections from the International Copper Study Group (ICSG). These figures compare to the shortfall of 153 000 tonnes recorded in 2015.
At its meeting in March this year, the organisation had forecast a deficit of 55 000 tonnes for this year and a surplus of 20 000 tonnes for 2017. ‘Upward revisions have been made for both production and usage in view of better-than-expected actual growth so far this year,’ the ICSG points out in its latest statement.
World refined copper production is expected to increase by 2.2% this year to 23.383 million tonnes, and by a further 1.7% in 2017 to 23.791 million tonnes.
Global apparent refined usage is forecast to climb 1.5% in the current year to 23.391 million tonnes, to be followed by growth of around 1% in 2017 to 23.628 million tonnes.