The global copper market is facing another year of supply deficit, according to the International Copper Study Group (ICSG).
But the ICSG contends that despite the "challenging" macro-economic backdrop, "manufacturing activity is expected to continue rising in most of the key copper end-use sectors".
Only two major copper mines were brought on stream between 2017 and 2021 but four big supply additions have been ramping up simultaneously. The net effect is a smoothing of the supply wave over the forecast period with mine growth expected to slow to 2.5% in 2024 as current ramp-ups are completed and any new additions arrive late in the year, according to the ICSG.In the bull corner is Goldman Sachs, which thinks there is "now no new mine supply wave this year" and is warning of a "stockout episode" as inventory is drawn to critical levels to plug the supply gap.
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