WBMS: Global Copper Market in Surplus Until February

The Comex stocks decreased by 7.5kt, whereas the Shanghai stocks rose by 72.9kt during Jan-Feb ‘21.

SEATTLE (Scrap Monster): The trade statistics published by the World Bureau of Metal Statistics (WBMS) indicate that global copper market recorded modest surplus during the initial two-month period of the current year. The global copper market recorded surplus of 31.6 kt during this period. This follows a deficit of 983kt recorded during the whole of year 2020.

The reported copper metal stock stood higher by 30kt, when compared with end-December 2020 levels. The LME warehouses reported net deliveries of nearly 31.6kt. The Comex stocks decreased by 7.5kt, whereas the Shanghai stocks rose by 72.9kt during Jan-Feb ‘21.

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Copper Smelter Output Plunged Despite Surge in Demand

The world copper mine production during January to February this year totalled 3.39 million tonnes, slightly higher by 1.4% when compared with the year-ago period. The global refined copper output too recorded modest increase over the previous year. The refined production totalled 3.94 million tonnes, marginally higher by 2.5% when compared with January to February in 2020. The WBMS report notes that significant increases were recorded in China and India, where production rose by 112kt and 20kt respectively.

The global copper demand edged higher from 3.78 million tonnes in Jan-Feb ‘20 to 3.91 million tonnes during the first two months this year.

The monthly refined copper production totalled 1,940.7kt in February 2021, whereas the demand totalled 1,902.3kt.

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