After conducting its annual meeting in late April in its home city of Lisbon, Portugal, the International Copper Study Group (ICSG) expects nations around the world to produce more copper in 2025 than will be consumed by end markets.
Measuring its predicted trends against each other, ICSG expects a refined copper surplus of about 289,000 metric tons for 2025 and another 209,000 tons for 2026.
Maybe. World Cu consumption was 26.5m tonnes in 2023. A surplus of 1% won't change much.
LME stocks are down, while SHFE have grown significantly. This likely reflects the decline of London as an intermediary, though China taking a leading market-making role is not in our collective best interest.
Ash
SFR Price at posting:
$11.53 Sentiment: Buy Disclosure: Held
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