According to SMM, the International Copper Study Group (ICSG) stated in its latest monthly report that the global refined copper market experienced a supply deficit of 131,000 mt in November 2024, compared to a deficit of 30,000 mt in October. The ICSG reported that in the first 11 months of 2024, the global refined copper market had a supply surplus of 168,000 mt, compared to a surplus of 89,000 mt in the same period of the previous year. Global refined copper production in November was 2.34 million mt, while consumption was 2.47 million mt. The ICSG report also noted that after adjustments for inventory changes in China's bonded warehouses, the deficit in November was 131,000 mt, compared to a deficit of 35,000 mt in October.