Refined Copper Balance Posted 138,000 Tonnes Deficit

SEATTLE (Scrap Monster): The International Copper Study Group (ICSG) has published October 2021 Copper Bulletin, which provides preliminary copper supply and demand data for the month of July 2021.

In accordance with the data provided by ICSG, the world copper mine production increased marginally by almost 3.6% in the initial seven-month period of the current year. The concentrate production surged higher by around 5.5%, whereas the SX-EW output declined by almost 4.3%.

Chile-the world’s largest copper mine producing country saw its output dip marginally by 1.0%. The output in Peru has increased by 11% over the year. The Indonesian output recorded 61% jump over the previous year, primarily on account of continued ramp up of underground production at the Grasberg mine. Significant production increases were also witnessed in the DRC and Panama.

The world refined copper production increased by 2.6% in the first seven months of 2021. The primary production was up by 1.8%, while the secondary production reported a jump by 7%.

Meantime, the world apparent refined copper usage was up by 3.3% until July this year. The Chinese apparent usage remained essentially unchanged. The world ex-China refined usage registered year-on-year decline by 9.5%.

The ICSG report suggests that the world refined copper market ended in apparent deficit of around 138,000 tonnes in the first seven months of 2021.

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