The International Wrought Copper Council (IWCC) has completed its six-monthly review of the copper market and has finalised its forecasts for copper supply and demand.
The supply side data indicates that in 2024, mine output is expected to be 22.58 million tonnes, up 1.6% compared with 2023. For 2025, a 2.2% increase in copper mine production is forecast. Refined copper production in 2024 is forecast to be 26.71 million tonnes, up 3.4% compared with 2023, and might be 27.27 million tonnes in 2025. The IWCC thanks the International Copper Study Group (ICSG) for its assistance in preparing the supply forecasts.
The demand side forecasts were prepared by the IWCC during October 2024. Global reported refined copper demand for 2024 is forecast to be 26.14 million tonnes, up 2.2%. For 2025, demand for refined copper might increase by 2.3% to 26.73 million tonnes. Both the 2024 and 2025 October demand forecasts are slightly lower than the forecasts prepared in May.
In the EU-27+UK region, demand for refined copper in 2024 is forecast to be 2.941 million tonnes, down 1.8% compared with 2023. An increase of 1.2% is forecast for 2025, taking demand to 2.975 million tonnes.
In China, demand for the refined copper in 2024 is forecast to be 14.603 million tonnes, up 2.6% compared to 2023. For 2025, reported demand is expected to increase by 1.6% to 14.832 million tonnes.
In Japan, refined copper demand in 2024 is forecast to increase by 2.3% to 835 thousand tonnes, followed by an increase of 2.0% in 2025.
In North America (Canada, Mexico and the USA), the latest forecast suggests that refined copper demand in 2024 might increase by 2.1% to 2.285 million tonnes with an increase of 2.5% for 2025.
