World Copper Market Ended in Notable Deficit: WBMS

The world copper mine production during January to November last year totalled 18.96 million tonnes.

SEATTLE (Scrap Monster): The trade statistics published by the World Bureau of Metal Statistics (WBMS) indicate that global copper market recorded modest deficit during the initial eleven-month period of the current year. The global copper market recorded deficit of 1,203 kt during this period. This follows a deficit of 383kt recorded during the whole of year 2019.

The reported copper metal stock declined by 11 kt, when compared with end-December 2019 levels. The LME warehouses reported net deliveries of nearly 5.2kt, The Comex stocks increased by 37.8 kt, whereas the Shanghai stocks fell by 30.7 kt during Jan-Nov ’20.

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The world copper mine production during January to November last year totalled 18.96 million tonnes, slightly higher by 0.1% when compared with the year-ago period. The global refined copper output too recorded modest increase over the previous year. The refined production totalled 21.77 million tonnes, higher by 2.0% when compared with January to November in 2019. The WBMS report notes that significant increases were recorded in China and Chile, where production rose by 902kt and 72kt respectively.

The global copper demand edged higher from 21.77 million tonnes in Jan-Nov ’19 to 22.97 million tonnes during the first eleven months this year.

The monthly refined copper production totalled 2,141.5kt in November 2020, whereas the demand totalled 2,179.5kt.

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