Though global copper reserves will currently meet demand, consumption continues to outpace supply. According to the International Copper Study Group (ICSG), the projected surplus of copper for 2024 will contract by 65%. Pricing, while bearish, has retreated from over $10,000 per metric ton in May on fears of short supply and as Chinese smelters cut production. Yet, on average, copper pricing was 13% year-on-year in July, prompting some connector manufacturers to pass cost increases to customers to preserve margins.