Global copper market experiences surplus in January-July as refined production up 7%, ICSG reports

- According to preliminary data from the International Copper Study Group , global refined copper balance in January-July 2023 indicates an apparent surplus of about 215,000 t, as refined copper production increased by about 7% while refined copper usage grew by about 4%.

However, ICSG noted that global copper production growth rates have been improving, increasing from 0.9% in Q1 2023 to 2.8% in Q2 2023 and 3% in July . However, despite these constraints Peruvian mine production increased by 20%. This rise was primarily a result of additional output from Quellaveco , continued ramp-up at Mina Justa and improved production at Southern Copper.

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