WBMS Metals Balances Indicates Deficit Copper Market Until July

SEATTLE (Scrap Monster): The trade statistics published by the World Bureau of Metal Statistics (WBMS) indicate that global copper market recorded minor deficit during the initial seven-month period of the current year. The global copper market recorded marginal deficit of 229 kt during this period. This follows a deficit of 255kt recorded during the whole of year 2019.

The reported copper metal stock registered slight increase during July this year to close at a level 75 kt higher than the year-end level in 2019. The LME warehouses reported net deliveries of nearly 18 kt, The Comex and Shanghai stocks rose by 44.6 kt and 35.9 kt respectively until July in 2020.

The world copper mine production during January to July this year totalled 11.74 million tonnes, 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 13.84 million tonnes, higher by 4.1% when compared with the corresponding seven-month period last year. The WBMS report notes that significant increases were recorded in China and Chile.

The global copper demand edged higher from 13.60 million tonnes in Jan-July ’19 to 14.10 million tonnes during the first seven months this year. The Chinese apparent demand surged higher by 16.1% to total 8.01 million tonnes. Meantime, the EU demand edged lower by 174 kt from the comparable total in 2019.

The monthly refined copper production totalled 1,980.90 kt in July this year, whereas the demand totalled 2,098.9 kt.

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