International Copper Study Group (ICSG) has released preliminary data for January world copper supply and demand in its March 2024 Copper Bulletin. Preliminary data indicates that world copper mine production increased by about 2.5% in January 2024, with concentrate production increasing by 2% and solvent extraction-electrowinning (SX-EW) growing by 4.5%. Global mine production in 2024 is benefiting from a recovery from 2023 reduced or constrained output (mainly in Chile, Indonesia and the USA) and also additional output from major mine projects starting or ramping up to capacity.

Production in Chile increased by a modest 0.5% in January y-o-y, with concentrate output up by 0.4% and SX-EW by 0.8%. In Peru, copper mine production declined by 1%. Preliminary data indicates that world refined copper production increased by about 5% in January 2024 with primary production (electrolytic and electrowinning from ores) up by 4.5% and secondary production (from scrap) up by 9%.

ICSG noted that preliminary data suggests that world apparent refined copper usage grew by about 6% in January 2024. Growth in world refined usage was mainly supported by strong apparent demand in China, with usage in the rest of the world estimated to have declined. Preliminary world refined copper balance indicates an apparent surplus of about 84,000 t in January 2024,

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