Global Copper Surplus Projected to Triple by 2027 as Production Rebounds

Key Facts

1The International Copper Study Group (ICSG) projects the global copper surplus to more than triple by 2027.

2Refined metal output is expected to rebound next year as new smelting capacity comes online.

The International Copper Study Group (ICSG) projects the global refined copper surplus to more than triple to 368,000 tonnes by 2027, up from 104,000 tonnes this year. According to a report cited by mining.com, refined metal output is expected to rebound significantly next year as new smelting and refining capacities come online, leading to production growth that outpaces global demand.

World copper mine production is forecast to accelerate to a 3.1% growth rate by 2027, supported by recovering operations in Chile and Zambia alongside capacity ramps in Indonesia and the DRC. While global refined copper usage is expected to increase by 2.5% in 2027 with Asia driving growth, the ICSG has slightly lowered its consumption outlook for the Middle East, North America, and the European Union.