Global copper market experiences surplus in January-August as refined production up 5%, ICSG reports

- According to preliminary data from the International Copper Study Group , global refined copper balance in January-August 2023 indicates an apparent surplus of about 99,000 t, as refined copper production increased by about 5% while refined copper usage grew by about 2.5%.

ICSG said that production in Chile, the world's largest copper producing country, declined by 2.5% in January-August 2023, mainly because a number of mines in the country were negatively impacted by operational issues, lower grades and reduced water supply due to a drought in the central region. ICSG added that Indonesian output was down by 9% as Grasberg operations were temporarily disrupted by significant rainfall and landslides, while output in the D.R.Congo is estimated to have grown by about 9% mainly as a consequence of the expansion of the Kamoa mine and new/expanded capacity at other mines.

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