In its latest forecasts, the International Copper Study Group (ICSG) hopes that the global copper market will see an excess 289kt supply in 2025, mainly in the higher supply of mine and increased smelting capacity, compared to 194kt of excessively expected earlier and 138kt over the last year. However, the excess is expected to ease 209kt in 2026 amid a continuous demand recovery, Ing Experts Ewa Manthey and Warren Patterson Remember.
China's demand is growing as US tariffs redeem copper flow
“On the supply side, global mine production is expected to grow 2.3% year-year this year and by an additional 2.5% yoy in 2026 following additions from new mines. Global pine output is expected to increase by 2.9% yoy this year and 1.5% to 2026, especially due to the ongoing expansion of the capacity of the chrore Other countries, most notably Indonesia, India and the Democratic Republic of the Congo (DRC).
“Recent data from the Shanghai Metals market shows that the Yangshan Copper Premium continued to expand and stand at $ 94/t (the highest level from 18 December 2023) to 29th April, compared to $ 35/t at the end of February. US.
“The latest LME COTr report released yesterday shows that speculators have reduced their net long copper position of 3,529 lots to 64,806 many for the week ending April 25, the lowest since Sunday ending January 17, 2025. 2023. Meanwhile, money managers have increased net bullish bet Refusing to five consecutive weeks to 4,339 many last Friday.
