WBMS: Global Copper Metal Market Ended in Deficit in Jan-Sep ‘22

SEATTLE (Scrap Monster): The World Bureau of Metal Statistics (WBMS), in its January to September 2022 Metals Balances Report, noted that the global copper market ended in a deficit of 736kt during the initial nine-month period of the current year. This follows a deficit of 285kt during the whole of the previous year.

The LME stocks of the metal edged higher by 48kt at the end of September this year, as compared with end-2021. Shanghai warehouses recorded net deliveries of 7.7kt, while Comex stocks witnessed a decline by 21.3kt.

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The copper mine production totalled around 16 million tonnes in the first nine months of 2022, marginally higher by 1.2% from the corresponding period a year before. The global refined production of copper too was up by 1.2% at 18.5 million tonnes. The countries to record significant production increases were China and India, whose production climbed higher by 301kt and 56kt respectively year-on-year.

The WBMS data suggests 4.1% year-on-year surge in global copper demand during Jan-Sep ’22. The demand totalled 19.25 million tonnes during this period, primarily driven by 5.5% rise in Chinese apparent demand. Also, the U.S. refined copper production at 733.2kt was higher from the comparable period in 2021.

The monthly refined copper production and demand for September 2022 stood at 2,085kt and 2,226.9kt respectively.