As per the latest report from the International Copper Study Group (ICSG), The global copper market should see a surplus of 79,000 tons this year and of 109,000 tons in 2022.
The news can be compared with the late April update from the ICSG saying, “The global world refined copper market showed a 28,000 tons surplus in January, compared with a 1,000 tons deficit in December and 34,000 tons of deficit at the same time in 2020.”
It’s worth mentioning that copper prices have been lackluster around record top of $4.5510, per the COMEX Futures. The reason could be traced from the latest mixed sentiment concerning global growth and the coronavirus (COVID-19) in Asia.
Even so, the commodity stays on the bull’s radar unless it drops back below February’s high of $4.3755.