World copper supply hit by closures and operational setbacks

The sudden removal of around 600,000 tonnes of expected supply would move the market from a large expected surplus into balance, or even a deficit, analysts said. — Bloomberg

LONDON: A forecast surplus of copper going into 2024 has suddenly all but disappeared.The next couple of years were supposed to be a time of plenty for copper, thanks to a series of big new projects starting up around the world.

The expectation across most of the industry was for a comfortable surplus before the market tightens again later this decade, when surging demand for electric vehicles and renewable energy infrastructure collide with a lack of new mines.