While Morocco asserts itself as a key player in strategic metals, the latest report of the International Copper Study Group (ICSG) comes to hopes from a bull market. Meeting in Lisbon, the organization announces a global surplus of nearly 500,000 tonnes out of 2025-2026, three consecutive years of surplus, due to a slowdown in global demand.
For the Kingdom, which accelerates its investments in the mining sectors and the local transformation of raw materials, this situation calls for vigilance. ICSG notably points to uncertainties linked to global trade and American policy, which would affect demand more than the delays noted in the supply.
The growth in copper demand is revised downwards, going from +2.4 % in 2025 against +2.8 % in 2024. An evolution that could affect the expansion plans of several producing countries such as Chile, Peru, the Democratic Republic of Congo or Morocco, all engaged in strengthening their mining capacities and local transformation.
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