WBMS Metal Balances Report Signals Deficit Copper Market

The reported copper stocks rose in October this year to close 79 kt higher than end-2018 level.

SEATTLE (Scrap Monster): The copper market recorded deficit during the initial ten-month period of 2019. The copper market deficit totalled 187 kt during this period. This is in accordance with the latest statistics published by the World Bureau of Metal Statistics (WBMS).

The world copper mine production totalled 17.0 million tonnes during Jan-Oct ’19. This was marginally higher by 1.4% when compared with the prior year. The refined copper production saw marginal decline by 0.8% during January to October in 2019 to total 19.42 million tonnes. The production declined significantly in India and Chile.

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The global consumption too declined from 19.81 million tonnes to 19.61 million tonnes over the previous year. The Chinese apparent demand was up marginally by 0.45% at 10.264 million tonnes. The EU demand at 2.6 million tonnes too was down by 7.3% compared with the previous year.

The reported copper stocks rose in October this year to close 79 kt higher than end-2018 level.

The monthly refined copper production totalled 2,060.50 kt in October 2019, whereas the consumption touched 2,070.30 kt.

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