A brief discussion on copper mine supply and demand in 2023

As an important industrial metal, copper is not only widely used in construction, electricity, manufacturing and other fields, but also plays a key role in the global economy. With the gradual recovery of the global economy, the demand for copper is also growing. Let's briefly talk about the market focus of copper mine supply and demand in 2023.

It is understood that in the second half of 2023, global copper mine supply and demand will gradually tighten. On the one hand, the overall new output of copper mines this year is slightly lower than expected, and on the other hand, the expansion of rough refining capacity is accelerating.(stone crusher)

On the mining side, according to data from the International Copper Study Group (ICSG), global copper production is expected to reach 24 million tons in 2023, an increase of about 3% from 2022. The main growth comes from mine output in countries such as Chile and the United States. Increase, but part of the production capacity will not be realized until 2024-2025. Judging from the situation that has been announced so far, due to the decline in ore grade and increased mining difficulty in some major producing countries, it is expected that the growth rate of new investment and expansion of global copper mine production capacity will slow down by 2025. In addition, the decline in production capacity growth in traditional copper-producing areas in South America and the frequent occurrence of interference incidents are also major factors limiting future copper mine output.

However, unlike copper mines, which have limited expansion, domestic roughing and refining production capacity will maintain high growth rates in the next three years, which has further aggravated the tightening of copper mine supply and demand. Therefore, the global refined copper supply will be under greater pressure in 2024. , copper supply and demand may show a relatively loose pattern. However, although the expansion of smelting capacity can meet market demand, it also brings pressure on environmental protection. With the strengthening of environmental protection regulations, companies need to invest more money and energy to reduce environmental pollution, which may increase the company's operating costs and have an impact on profits. constitute pressure.

In addition, the development of the recycled copper market will also have an impact on copper supply. At present, the global recycled copper production is about 13 million tons, accounting for nearly half of the global copper production. With the improvement of environmental awareness and technological advancement, the recycling efficiency of recycled copper will be further improved, and the development potential of the recycled copper market is huge.

As for demand, with the recovery of the global economy, the demand for copper is expected to grow further, especially in areas such as electric vehicles and renewable energy. The demand for copper will increase significantly. According to the International Energy Agency (IEA), By 2030, copper demand for electric vehicles will triple compared to 2020.

To sum up, the tightening of copper mine supply and demand may cause copper prices to rise, and the expansion of smelting capacity may lead to oversupply in the market, thereby putting pressure on copper prices. This supply and demand contradiction may lead to intensified price fluctuations and bring risks to market participants.

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