ICSG：1-7月全球铜市为供应过剩10.1万吨

Core Insights - The International Copper Study Group (ICSG) reported a global copper market surplus of 101,000 tons for January to July 2025, a decrease from a surplus of 401,000 tons in the same period last year [1] - Global refined copper production for January to July 2025 reached 16.565 million tons, up from 15.944 million tons in the same period last year [1] - Global refined copper consumption for January to July 2025 was 16.464 million tons, compared to 15.543 million tons in the previous year [1] Production and Consumption Data - In July 2025, global refined copper production was 2.5 million tons, while consumption was 2.441 million tons, indicating a surplus of 57,000 tons [1] - The global copper mine production for January to July 2025 was 13.477 million tons, an increase from 13.039 million tons in the same period last year [1] - The global copper smelting capacity utilization rate was 82% in 2025, consistent with previous years [1] Inventory and Supply-Demand Balance - The global refined copper ending inventory for 2025 was reported at 1.371 million tons, showing a decrease from 1.523 million tons in 2024 [1] - The refined copper supply-demand balance for 2025 indicated a surplus of 101,000 tons, a significant improvement from a deficit of 359,000 tons in 2021 [1] - Seasonal adjustments to the refined copper supply-demand balance showed a surplus of 261,000 tons for 2025 [1]