MOSCOW, May 30. /TASS/. Norilsk Nickel expects a 3% increase in global copper consumption this year and the mounting deficit in the market, the Russian mining and metals company said in its review.
"Mixed macroeconomic indicators from the demand side and continuing geopolitical strain apply pressure on the copper market but we expect the consumption to rise in 2024 to 26.2 mln metric tons or +3% year on year. China and India will have the bulk of consumption growth," the company said.
The company revised its outlook for the refined copper market shortage this year from 0.1 mln metric tons to 0.2 mln metric tons (three days of consumption) and expect the market to remain with the deficit in the next year also. "It is important to note that a significant market deficit will occur in the long run without new deposits development," Norilsk Nickel said.