According to the latest report from the International Copper Research Group (ICSG), the global copper market is set to see a surplus of 79,000 tonnes this year and 109,000 tonnes in 2022.
The news can be compared to the ICSG update at the end of April: “The global refined copper market in January showed a surplus of 28,000 tons compared to a deficit of 1,000 tons in December and 34,000 tons of deficit at the same time in 2020. “
It’s worth noting that copper prices were subdued and hit a record high of $ 4.5510, according to COMEX futures. The reason can be traced to the latest mixed sentiment regarding global growth and the coronavirus (COVID-19) in Asia.
However, commodity remains on the bulls’ radar unless it falls below the February high of $ 4.3755.