ICSG: Global copper ingot supply surplus reach 299,000 tons in Jan-Apr
Time:Fri, 28 Jun 2024 07:39:35 +0800
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According to a report released by the International Copper Study Group (ICSG), from January to April, the global copper ingot market experienced an excess supply of 299,000 tons, compared to the supply surplus of 175,000 tons in the same period last year. Despite higher apparent consumption in China, the oversupply expanded due to higher supplies from China and the Democratic Republic of the Congo.
During the first four months of the year, total copper ingot supply reached 9.155 million tons, marking a 5.5% year-on-year increase, while consumption stood at 8.856 million tons, up by 4.2% compared to the previous year.
China and the Democratic Republic of the Congo notably contributed to the supply growth, expanding their production capacities. Conversely, excluding these regions, supply in the rest of the world increased by a modest 1.2% year-on-year. Among them, supply from Japan and the United States increased, while Chile and Europe reported lower supply levels compared to last year.
On the demand side, China's apparent consumption rose by 6.5% year-on-year. However, outside of China, demand growth was sluggish, with increasing by only 1%.
Looking at April alone, global copper ingot supply reached 2.292 million tons, slightly exceeding consumption of 2.279 million tons, resulting in a surplus of 13,000 tons for the month. This marked the third consecutive month of oversupply in the market.
