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ICSG pointed out that surplus is expected to grow from 387,000 tons this year to 632,000 tons in 2014.Global copper demand is expected to increase by 4.5% in 2014 as economic recovery gains steam internationally.

12 Dec 2013

LISBON (Commodity Online): Copper surplus is expected to widen and outpace demand growth in 2014, according to International Copper Study Group (ICSG).

ICSG pointed out that surplus is expected to grow from 387,000 tons this year to 632,000 tons in 2014.Global copper demand is expected to increase by 4.5% in 2014 as economic recovery gains steam internationally.

Key highlights of ICSG outlook
-Refined copper production to rise 5.5% to 22.1 mn tons next year on China production gains. In 2013- it grew 3.9% to 20.9 mn tons.
- Projects deferred during financial crisis will go onstream in 2014-15 increasing mine output
-World mine output to surge 11.4% to 18.6 mn tons in 2014.

Copper witnessed some uptrend in LME this week climbing to $7159 a ton on weak dollar, China demand for the metal although the metal has fallen close to 10% year-to-date.It broke below $7,000 a tonne in mid-November after holding in a $7,000-$7,400 range since August.

On Thursday, Copper futures rose to the highest level in six weeks before trimming gains to trade little changed as investors looked ahead to key U.S. economic data later in the day to further gauge the strength of the economy and the need for stimulus.

Copper prices were likely to find support at USD3.256 a pound, the low from December 11 and resistance at USD3.325 a pound, the high from November 1, according to a market analysis in Investing.com


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