Some analysts and market watchers have been calling for a copper surplus for 2014 and into 2015, but some are raising doubts. In an article for Reuters, Andy Home suggests, “this isn’t going to be a year of copper supply surplus at all.”

As quoted in the publication:

Twice a year the International Copper Study Group (ICSG) meets in Lisbon to assess the statistical state of the global copper market. Twice a year it publishes its resulting forecasts.
The latest came out on Oct. 14, 2014 and it amounted to a spectacular statistical U-turn on the April forecast. Back then the ICSG was expecting a 405,000-tonne supply-usage surplus in the global refined copper market this year. That’s just been changed to an anticipated 307,000-tonne deficit.
The forecast surplus for 2015 still stands but it has been cut to 393,000 tonnes from April’s 595,000 tonnes.

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