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On May 24th, according to the latest monthly report from the International Copper Study Group (ICSG), the global refined copper market was oversupplied by 332,000 tons in the first quarter of this year, compared to an oversupply of 8,000 tons in the same period last year. Refined copper production increased by 7.5% to 6.69 million tons in the first quarter, while consumption increased by 2.3% to 6.35 million tons. Preliminary data showed that China’s refined copper production increased by 13.5% in the first quarter, with apparent demand growing by 5.5%, while demand in other regions of the world decreased by 2%.
