AME’s revised forecast for global refined copper demand is a 5.1% year-on-year increase to 28,356kt in 2024, representing an upward revision from the previous forecast of a 4.9% increase to 28,008kt, primarily due to stronger-than-expected demand in China.
China's demand outlook has been revised upwards, showing a 5.9% uptick to 16,750kt in 2024, up from the earlier forecast of a 5.6% rise to 16,318kt. Notably, China's manufacturing sector exhibited remarkable growth in March, experiencing its most rapid expansion in 13 months.
External demand has also strengthened, driving the gauge for new export orders to its highest level since February 2023. This robust performance suggests a promising start to the year for the country. However, the higher-than-usual stocks after the holiday season suggest downside risks remain.