The global copper market will be in deficit for a fifth straight year in 2014 before switching to a surplus of about 390,000 tonnes next year, an industry group said on Tuesday.
The International Copper Study Group forecast a deficit of 270,000 tonnes this year as operational failures combined with delays in the start-up of new mines will lead to lower-than-anticipated production growth.
The latest estimate is a reversal of the ICSG's previous forecast in April that production would outpace demand by about 400,000 tonnes as demand would lag output growth.
At that time, it predicted a surplus as big as 595,000 tonnes due to increases in output mainly in Asia and Africa.
Click here for the ICSG statement: ((http://bit.ly/1w6vepo))