MOSCOW, December 10. /TASS/. The surplus in the global copper market can amount to 200,000 metric tons and the market will be rebalanced next year owing to quick demand growth, the Russian mining and metals producer Norilsk Nickel said in its metals market review.

"Overall, we expect the market to show a surplus of 200,000 metric tons in 2024 and a balance in 2025 as copper demand growth is expected to outpace the global economy expansion in general, benefiting from accelerated growth of renewable energy generation and electrified transport as well as continuing trend of higher electricity use per capita," the company said.

"The global shift toward economic regionalization, protectionism, and the tendency in governmental policies to ensure self-sufficiency in critical copper-intense industries will support copper demand in the coming years," Norilsk Nickel continued. The huge supply gap challenge in the next decade remains but deficit concerns have eased amid positive production trends in Africa, driven by substantial investments from China, the company added.

Copper prices started declining after reaching their peak of almost $11,000 per metric ton in May and settled at about $9,000 per metric ton by the end of November.

New smelters with the capacity of about two mln metric tons will be put on stream next year globally, predominantly in China, Norilsk Nickel noted.

"The refined copper demand outlook looks vulnerable with the contraction of industrial production and two-and-a-half-year long pessimism among purchasing managers in Europe as well as mixed outlook in the US," the company added.