Foreign media May 4 news: the international Copper Industry Study Group (ICSG) said that the global copper market is expected to see a surplus of 142,000 tons this year and 352,000 tons in 2023.
Global copper production this year is expected to benefit from additional output from new and expanded mines, as well as an overall improvement in the pandemic situation, ICSG said. Global refined copper production is expected to grow by approximately 4.3% in 2022 and 3.6% in 2023, supported by continued expansion of electrolytic copper capacity in China and new and expanded operations in the Democratic Republic of The Congo (DRC).
Global apparent use of refined copper is expected to grow by about 1.9% in 2022 and 2.8% in 2023, ICSG said.
ICSG lowered the global apparent use growth rate for 2022 to 1.9 percent, citing the weak global economic outlook, mainly due to the situation in Russia and Ukraine and the negative impact of the outbreak in China.
