ICSG forecasts copper supply pressures

Vital commodity: A copper dealer in Mumbai, India. The metal hit US$10,000 a tonne for the first time in two years as speculation builds that the world’s mines will struggle to meet a coming wave of demand from green industries. — Bloomberg

LONDON: The International Copper Study Group (ICSG) has cut its forecast supply surplus for this year due to much lower-than-expected mine production.

Copper bulls might take issue with the group’s view the refined copper market will still be in oversupply this year and the next to the tune of 162,000 tonnes and 94,000 tonnes, respectively.