ICSG sees global refined copper surplus widening in 2027
The International Copper Study Group forecast on Wednesday that the global refined copper market would remain in surplus through 2027, with it widening from about 104 000 metric tons in 2026 to 368 000 metric tons in 2027.
The ICSG said world refined copper production is forecast to rise by about 0.4% in 2026 and 3.4% in 2027. The group said an increase in refined copper output next year would be driven by the ramp-up of smelters and refineries in Indonesia, India and the European Union.
Apparent refined copper usage is expected to increase by about 1.5% in 2026 and 2.5% in 2027.
The group said global copper usage is expected to continue to be supported by improvements in manufacturing activity in some key copper end-use sectors, continued demand from the energy transition, urbanisation, digitalisation, including data centres and artificial intelligence, and the development of new semiconductor production capacity in a number of countries.
Asia will continue to be the main driver of global growth, it added.
World copper mine production is expected to grow by 1.3% in 2026 and 3.1% in 2027, supported by the ramp-up of new and expanded mines and improved output in producing countries.