According to the International Copper Study Group, the global Copper market recorded a supply surplus of 147 thousand tons in the first eight months of the year, Commerzbank’s Head of FX and Commodity Research Thu Lan Nguyen notes.
Copper prices rise sharply despite improved supply conditions
“The experts report rising mine production and even stronger metal production. The latter is mainly driven by expansion in China and the Democratic Republic of Congo, which account for 57% of global production.”
“Although the supply surplus is lower than at the same time last year (477 thousand tons), the supply situation has tended to improve since June. Against this backdrop, the sharp rise in Copper prices triggered by supply concerns appears hardly justified.”