ICSG：1-6月全球铜市为供应过剩25.1万吨

Core Insights - The International Copper Study Group (ICSG) reported a global copper market surplus of 251,000 tons for the first half of 2025, down from a surplus of 395,000 tons in the same period last year [1] - Global refined copper production for the first half of 2025 is projected to be 14.212 million tons, an increase from 13.716 million tons in the same period last year [1] - Global refined copper consumption for the first half of 2025 is expected to reach 13.960 million tons, up from 13.321 million tons in the same period last year [1] Production and Consumption Data - In June 2025, global refined copper production was 2.431 million tons, while consumption was 2.395 million tons [2] - The global copper mine production for the first half of 2025 is estimated at 11.438 million tons, compared to 11.134 million tons in the same period of 2024 [2] - The global refined copper production capacity utilization rate is projected to be 79% for the first half of 2025 [2] Inventory and Supply-Demand Balance - The global refined copper ending inventory is expected to be 1.310 million tons by the end of 2025 [2] - The adjusted refined copper supply-demand balance indicates a surplus of 248,000 tons for the first half of 2025 [2] - The inventory change during the period shows a decrease of 88,000 tons for the first half of 2025 [2]