Commodities Buzz: World refined Copper market records heavy surplus

The global copper market moved into a large surplus during the first quarter of 2026, according to preliminary data from the International Copper Study Group's May 2026 Copper Bulletin. World mine production was largely unchanged for the quarter. A 1.1% decline in concentrate output was offset by a 3.3% increase in solvent extraction-electrowinning production. Global refined copper production rose 4.5%.The refined copper balance showed a surplus of 396,000 tonnes in the first quarter of 2026, sharply higher than the 135,000-tonne surplus recorded in the same period of 2025.

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