Global Copper Surplus Set To Flip Into Deficit, M&A Not A Solution

Benzinga_recent_news

2025/10/09

The global copper market is going from surplus to shortage, according to the latest International Copper Study Group (ICSG) report. The 178,000-ton surplus projected for 2025 could flip to a 150,000-...

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The 178,000-ton surplus projected for 2025 could flip to a 150,000-...</p>\n\n<a href=\"https://www.benzinga.com/markets/commodities/25/10/48119472/global-copper-surplus-set-to-flip-into-deficit-ma-not-a-solution\">网页链接</a>\n\n</div>\n","source":"benzinga_recent_news","html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Global Copper Surplus Set To Flip Into Deficit, M&A Not A Solution</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nGlobal Copper Surplus Set To Flip Into Deficit, M&A Not A Solution\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Benzinga_recent_news</strong><span class=\"h-time small\">2025-10-09 18:29</span>\n</p>\n</h4>\n</header>\n<article>\n<div>\n<p>The global copper market is going from surplus to shortage, according to the latest International Copper Study Group (ICSG) report. The 178,000-ton surplus projected for 2025 could flip to a 150,000-...</p>\n\n<a href=\"https://www.benzinga.com/markets/commodities/25/10/48119472/global-copper-surplus-set-to-flip-into-deficit-ma-not-a-solution\">网页链接</a>\n\n</div>\n\n<div class=\"bt-text\">\n\n\n<p> 來源：<a href=\"https://www.benzinga.com/markets/commodities/25/10/48119472/global-copper-surplus-set-to-flip-into-deficit-ma-not-a-solution\">Benzinga_recent_news</a></p>\n<p>為提升您的閱讀體驗，我們對本頁面進行了排版優化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"LU2023251221.USD","symbol_name":"ALLIANZ GLOBAL SUSTAINABILITY \"AM\" (USD) INC","start_time":0,"source_url":"https://www.benzinga.com/markets/commodities/25/10/48119472/global-copper-surplus-set-to-flip-into-deficit-ma-not-a-solution","article_id":"2574615599","we_media_id":null,"thumbnails":["https://cdn.benzinga.com/files/images/story/2025/10/09/Mans-Hand-Holding-A-Piece-Of-Copper-To-E.jpeg?optimize=medium&dpr=2&auto=webp&width=120"],"rights":{"source":"benzinga_recent_news","url":"https://www.benzinga.com/markets/commodities/25/10/48119472/global-copper-surplus-set-to-flip-into-deficit-ma-not-a-solution","rn_cache_url":null,"directOrigin":true},"url":"https://stock-news.laohu8.com/highlight/detail?id=2574615599","pubTimestamp":1760005740,"columns":[],"sourceInfo":{"source_id":"benzinga_recent_news","name":"Benzinga"},"weMediaInfo":null,"summary":"The global copper market is shifting from surplus to shortage as supply disruptions, strong demand, and mine delays tighten 2025–2026 outlook.","collect":0,"end_time":0,"defaultTopTitle":"benzinga.com","property":[],"viewcount":null,"language":"en","relate_stocks":{"LU2023251221.USD":"ALLIANZ GLOBAL SUSTAINABILITY \"AM\" (USD) INC","LU0300736062.USD":"FRANKLIN NATURAL RESOURCES \"A\" (USD) ACC","FCX":"麦克莫兰铜金","BK4591":"室温超导概念","IE00BKVL7J92.USD":"Legg Mason ClearBridge - US Equity Sustainability Leaders A Acc USD","BK4566":"资本集团","LU1989772840.SGD":"CPR Invest - Climate Action A2 Acc SGD-H","LU1732800096.USD":"摩根大通环球收益基金A (irc)","LU0345781412.USD":"NINETY ONE GSF GLOBAL NATURAL RESOURCES \"A\" (USD) INC","SG9999002521.SGD":"United Global Resources A Acc SGD","BK4516":"特朗普概念","NGLOY":"Anglo American plc","LU0006306889.USD":"SCHRODER ISF US LARGE CAP \"A\" (USD) INC AV","LU1989772923.USD":"CPR Invest - Climate Action A2 Acc USD-H","LU0630314457.HKD":"NINETY ONE GSF GLOBAL NATURAL RESOURCES \"A\" (HKD) ACC","LU1267930573.SGD":"TEMPLETON GLOBAL \"AA\" (SGD) ACC A","BK4504":"桥水持仓","LU0792757196.USD":"TEMPLETON SHARIAH GLOBAL EQUITY FUND \"A\" (USD) ACC","LU0612318385.USD":"BGF NATURAL RESOURCES \"A2\" (USD) ACC","LU2498475776.HKD":"AMUNDI FUNDS REAL ASSETS TARGET INCOME \"A2\" (HKD) INC","LU1720051108.HKD":"ALLIANZ GLOBAL ARTIFICIAL INTELLIGENCE \"AT\" (HKD) ACC","LU2028103732.USD":"ALLIANZ GLOBAL SUSTAINABILITY \"AMG\" (USD) INC","LU0505663152.USD":"abrdn SICAV I - FUTURE MINERALS \"A\" (USD) ACC","LU0889566641.SGD":"FTSF - Templeton Shariah Global Equity A Acc SGD","TECK":"泰克资源有限公司","LU2089283258.USD":"安联环球可持续基金Cl AM Dis","LU2357305700.SGD":"Allianz Global Artificial Intelligence ET H2-SGD","LU1548497426.USD":"安联环球人工智能AT Acc","LU0912757837.SGD":"JPMorgan Investment Funds - Global Income A (mth) SGD-H","SCCO":"南方铜业","LU0106831901.USD":"贝莱德世界金融基金A2","LU2347655156.SGD":"JPMorgan Investment Funds - Global Income A (icdiv) SGD-H","LU0314104364.USD":"MANULIFE GF AMERICAN GROWTH \"AA\" (USD) INC","LU0788109121.HKD":"BGF WORLD MINING \"A2\" (HKDHGD) ACC","BK4168":"多种金属与采矿","LU1162221912.USD":"FRANKLIN INCOME \"A\" (USD) ACC","LU0075056555.USD":"贝莱德世界矿业基金A2","LU1430597077.USD":"BGF NATURAL RESOURCES \"A\" (USD) INC","BK4581":"高盛持仓","LU0106261372.USD":"SCHRODER ISF US LARGE CAP \"A\" ACC","LU2089284900.SGD":"Allianz Global Sustainability Cl AM Dis H2-SGD","LU0267386448.USD":"FIDELITY FIRST ALL COUNTRY WORLD \"A\" (USD) INC","LU0225283273.USD":"SCHRODER ISF GLOBAL EQUITY ALPHA \"A\" (USD) ACC","LU0654597011.USD":"BGF NATURAL RESOURCES \"A4G\" (USD) INC","IE000M9KFDE8.USD":"NEUBERGER BERMAN US LARGE CAP VALUE \"A\" (USD) ACC","IE00B7SZLL34.SGD":"Legg Mason ClearBridge - Value A Acc SGD-H","BK4534":"瑞士信贷持仓","LU0456854461.SGD":"JPMorgan Funds - Global Natural Resources A (acc) SGD","LU1244550577.SGD":"FTIF - Franklin Global Multi-Asset Income A (Mdis) SGD-H1","BK4127":"投资银行业与经纪业"},"translate_title":"全球铜过剩将转为赤字，并购不是解决方案","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"TECK":1,"NGLOY":1,"SCCO":1,"FCX":1},"content_text":"The global copper market is going from surplus to shortage, according to the latest International Copper Study Group (ICSG) report. The 178,000-ton surplus projected for 2025 could flip to a 150,000-ton deficit as supply struggles to keep pace with demand.\n「Lower than previously anticipated refined copper production will be constrained by the lower availability of copper concentrate,」 ICSG noted.\nThe mine output is forecast to rise by 2.3% in 2026 as new capacity comes online in countries such as Mongolia and Russia. Yet the rebound won’t offset disruptions in key producers such as Chile, Indonesia, and the Democratic Republic of Congo. In addition, demand growth from Asia and the energy transition sectors will remain robust, further tightening the market.\nAlso Read: Why Copper’s Supply Crisis Could Deliver 20-30% Returns Through 2027\nCopper’s rally, however, has been quieter than the fireworks in gold or silver. While investors have poured into precious metals amid macroeconomic turmoil, copper has been grinding higher due to supply constraints and a softer U.S. dollar.\nMorgan Stanley highlighted in a note on Wednesday that a softening dollar and supply disruptions at major mines, such as Ivanhoe’s (OTC:IVPAF) Kamoa-Kakula, Codelco’s El Teniente, and Freeport-McMoRan’s (NYSE:FCX) Grasberg, are supporting higher prices. \nThe Grasberg tragedy, which halted output and left several workers dead, sent Freeport-McMoRan shares tumbling more than 15% in a single day. Analysts say these disruptions, combined with delayed mine expansions, could reduce 2026 supply forecasts by hundreds of thousands of tons. Morgan Stanley expects copper prices to average $4.83/lb in 2026, roughly in line with current levels but 「well above the year-to-date average.」\nGiven the market dynamic, the bank has upgraded Southern Copper Corp. (NYSE:SCCO) to Equal Weight with a $132 per share mid-2026 price target. The bank noted copper exposure and the dividend upside.\nStill, promising copper mines are few and far between. After years of underinvestment, exploration budgets are at multi-decade lows, and permitting delays are lengthening project timelines. The International Energy Agency warned that without discoveries, annual copper output could fall below 20 million tons, while demand is expected to approach 33 million tons.\nAlthough lucrative, major sector consolidations, such as the $53 billion merger between Anglo American (OTCQX:NGLOY) and Teck Resources (NYSE:TECK), may not be the ultimate solution. The 175,000 surge in additional output by 2030 might be an exception, rather than the rule.\n「Newly enlarged miners aren’t guaranteed to boost production,」 consultancy Wood Mackenzie warned per Reuters, noting that companies often focus on high-return assets rather than expanding total volume.\nPrice Action: SCCO stock was trading higher by 2.17% to $135.40 premarket at last check Thursday. FCX was up 3.13%.\nRead Next:\nImage via Shutterstock","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":0,"need_auth":false,"code":"91000000","status":"200"}}}