According to foreign news on August 21, the International Copper Study Group (ICSG) said on Monday that the global refined copper market from January to June 2023 has turned from a shortage of 196,000 tons in the same period last year to a surplus of 213,000 tons.
Output rose in China and the Democratic Republic of Congo, while production elsewhere fell. But total refined copper production rose 7% to 13.5 million tons.
Global copper mine production rose 2% on the back of new mines and expansions despite operational problems in Chile, Indonesia, Panama and the United States as well as community protests in Peru aimed at hampering mining operations.
Production in Chile fell 4% affected by operational problems, lower grades and reduced water supplies. Chile's state-run copper company (Codelco) is also struggling to lift output from a 25-year low.
Apparent demand for copper fell in the European Union, Japan and the United States. However, strong demand from China was enough to push global refined copper consumption up 4% to 13.3 million tons.
The global refined copper market saw a deficit of 90,000 tons in June, compared with a deficit of 58,000 tons in May, the ICSG said.
