In the Autumn of 2023, the International Copper Study Group (ICSG) forecast that the copper market was likely to experience a significant surplus of the metal in 2024 after several companies worldwide ramped up their operations in response to the growing global demand. However, by the end of the year, updated forecasts suggested that copper prices would skyrocket in 2024, as the world faces deficits of the critical metal driven by more ambitious climate pledges from various countries around the globe. So, what can we expect for copper in the coming year?
In October, the ICSG predicted that the copper market would experience a major supply surplus in 2024, following a supply-demand balance last year. Production was expected to exceed usage by 467,000 metric tonnes in 2024, a significant increase from the 297,000 metric tonne surplus predicted for 2024 in April. However, the group made it clear that the forecast was based on the existing global project pipeline for supply and demand, which is rapidly changing as the green transition accelerates worldwide.
Jubilee Metals Group plc (LON:JLP) is a diversified metal recovery business with a world-class portfolio of projects in South Africa and Zambia. The Company’s expanding multi-project portfolio across South Africa and Zambia provides exposure to a broad commodity basket including Platinum Group Metals, chrome, lead, zinc, vanadium, copper and cobalt.
