IWCC Short-Term Forecasts for Copper
The International Wrought Copper Council (IWCC) has completed its six-monthly review of the copper market and has finalised its forecasts for copper supply and demand.
The supply side data indicates that in 2023, mine output is expected to be 21.9 million tonnes, up 0.9% compared with 2022. For 2024, a 2.5% increase in copper mine production is forecast. Refined copper production in 2023 is forecast to be 25.34 million tonnes, up 1.4% compared with 2022, and might be 26.17 million tonnes in 2024. The IWCC thanks the International Copper Study Group (ICSG) for its assistance in preparing the supply forecasts.
The demand side forecasts were prepared by the IWCC during October 2023. Global reported refined copper demand for 2023 is forecast to be 25.23 million tonnes, up 1.0%. For 2024, demand for refined copper might increase by 2.6% to 25.88 million tonnes. Both the 2023 and 2024 October demand forecasts are slightly lower than the forecasts prepared in May.
In the EU-27+UK region, demand for refined copper in 2023 is forecast to be 2.976 million tonnes, down 1.3% compared with 2022. An increase of 2.7% is forecast for 2024, taking demand to 3.056 million tonnes.
In China, demand for the refined copper in 2023 is forecast to be 13.773 million tonnes, up 3.0% compared to 2022. For 2024, reported demand is expected to increase by 2.0% to 14.045 million tonnes.
In Japan, refined copper demand in 2023 is forecast to decrease by 3.6% to 872 thousand tonnes, followed by an increase of 2.2% in 2024.
In North America (Canada, Mexico and the USA), the latest forecast suggests that refined copper demand in 2023 might decrease by 1.6% to 2.230 million tonnes with an increase of 0.9% for 2024.
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