"Demand for copper is expected to outpace production in 2017, putting the market in a supply deficit for the first time in years. While total copper production is expected to come in at 22.64 million tonnes, consumption is expected to reach 22.92 million tonnes, resulting in a deficit of 275,000 tonnes, according to commodity consultancy Wood Mackenzie. In 2016, the copper market was oversupplied by 345,000 tonnes."
http://www.theaustralian.com.au/business/mining-energy/mining-giants-ride-coppers-price-wave/news-story/ed70aa3968f7b3c31676e7ffb3f82c79