Global copper production will exceed demand in 2023-2024, predicts the International Worked Copper Council (IWCC).
Global refined copper production is expected to increase by 1.4 in 2023 % and will amount to 25.34 million tons, and next year will reach 26.17 million tons. Metal consumption this year may increase by 1% - to 25.23 million tons, in 2024 - by 2.6%, to 25.88 million tons. Both figures will be slightly lower than forecast in May, the IWCC said.
In particular, demand for copper in the 27 countries of the European Union and the UK this year is expected to be 2.976 million tons, which is 1. 3% less than last year's figure. In 2024, an increase of 2.7% is expected - to 3.056 million tons.
Consumption in China at the end of 2023 is estimated at 13.773 million tons (an increase of 3%), next year - 14.045 million tons ( increase by 2%). In Japan, the indicator is predicted to increase this year by 3.6% - to 872 thousand tons, in North America (Canada, Mexico and the USA) - by 1.6%, to 2.23 million tons.
In 2024, growth is expected to be 2.2% and 0.9%, respectively.
The International Wrought Copper Council, a trade association for copper and copper products, was founded in 1953. Its members are about 150 companies from different countries.
