The production of refined copper in the world in 2026 will grow by about 0.4% to 28.7 million tons, predicts the International Copper Research Group (ICSG).
Copper production is expected to increase by 3.4% in 2027. This will be facilitated, in particular, by increasing the capacity of enterprises in Indonesia, India and the countries of the European Union. It is assumed that the volume of primary production will grow by 3%, secondary (from scrap) – by 4.7%.
Global copper consumption growth this year is now projected at 1.5% (1.6% was expected in April) due to downward revisions to estimates for the Middle East, North America and the European Union. In China, demand will grow by 2.5%, while in the rest of the world it will remain virtually unchanged. economy, according to the ICSG report.
Asia will remain the main driver of global growth, while demand in other key copper-consuming regions, in particular the EU and Japan, will remain subdued. tons.
When making forecasts, ICSG is aware that the situation on the global market may change under the influence of numerous factors, in particular the current conflict in the Middle East, the report says.
The International Copper Study Group, established in 1992, is an intergovernmental organization that serves as a tool for international discussion and cooperation on issues related to copper. The ICSG is the only multilateral institution dealing with copper production, consumption, and trade. The group includes 25 States.
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