ICSG Reports Slight Narrowing of Global Refined Copper Deficit in December 2024

Published: Feb 24, 2025 10:05

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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 22,000 mt in December 2024, compared to a deficit of 24,000 mt in November. ICSG indicated that the market had a supply surplus of 301,000 mt in 2024, whereas there was a deficit of 52,000 mt in the previous year. In December, global refined copper production stood at 2.37 million mt, while consumption reached 2.39 million mt. ICSG noted that, after adjusting for inventory changes in China's bonded warehouses, the deficit in December was 51,000 mt, compared to 127,000 mt in November.

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