The global copper market will have a surplus of 79000 tons this year and reach 109000 tons by 2022, the international copper research group (ICSG) said recently.
"after three years of basically unchanged and adjusted for historical disruptions, world copper production is expected to grow by about 3.5 per cent in 2021 and 3.7 per cent in 2022," ICSG said in a press release. Global production in 2021 is expected to recover from the level limited by the epidemic in 2020 and benefit from the increase in supply due to the increase in the number of mines recently put into production. "
Major projects that began in 2021 / 2022 include Kamoa Kakula, in the Democratic Republic of the Congo, Quellaveco in Peru and Quebrada Blanca QB2 in Chile.
In addition, many small and medium-sized projects are expected to go into production in the coming months.
Chile, the world's largest copper producer, recorded its 10th consecutive monthly decline in copper production in March, the government statistics agency INE said on Friday.
Copper production at most of Chile's mines was mixed in March, given the strong production of Chile's national copper companies Codelco and Collahuasi, but BHP's Escondida production continued to decline. Total copper production in Chile fell 1.2 per cent in March from a year earlier to 488700 tons.
Of this total, Codelco's copper production in March rose 0.7 per cent from a year earlier to 148700 tonnes, while Collahuasi, a joint venture between Glencore and Anglo American, rose 5.2 per cent year-on-year to 53000 tonnes.
However, production of (Escondida), the world's largest copper mine, fell for eight consecutive months, falling 11.7 per cent from a year earlier to 89900 tonnes, offsetting the increase.
Meanwhile, copper prices broke through $10000 a tonne for the first time since 2011 last week, close to an all-time high for that year. Copper for July delivery on the Comex market in new York rose 1% on Monday, with futures trading at $4.5080 a pound ($9,176 a tonne).
After an increase of 1.6 per cent in 2020, world refined copper production is expected to increase by about 3 per cent in 2021 and 2022. In addition, after falling by 4% in 2019 and 2020, the world's second refining production (from waste) is also expected to increase in 2021 and 2022.
