According to SMM, the International Copper Study Group (ICSG) stated in its latest monthly report that the global copper cathode market experienced a supply surplus of 17,000 mt in March, compared to a surplus of 180,000 mt in February. ICSG reported that in the first three months of this year, the market had a supply surplus of 289,000 mt, compared to a surplus of 268,000 mt in the same period last year. Global copper cathode production in March was 2.43 million mt, with consumption at 2.41 million mt. ICSG said that after adjusting for inventory changes in China's bonded warehouses, the supply surplus in March was 38,000 mt, compared to a surplus of 195,000 mt in February.