WBMS Metals Balances: World Copper Market Ended in Notable Deficit

SEATTLE (Scrap Monster): The trade statistics published by the World Bureau of Metal Statistics (WBMS) indicate that global copper market recorded substantial deficit during the initial ten-month period of the current year. The global copper market recorded notable deficit of 1,143 kt during this period. This follows a deficit of 383 kt recorded during the whole of year 2019.

The reported copper metal stock surged higher by 64 kt at the end of the ten-month period of the year, in comparison with 2019 closing level. The LME warehouses reported net deliveries of nearly 25 kt, The Comex and Shanghai stocks rose by 36.2 kt and 16.1 kt respectively until October in 2020.

The world copper mine production during January to October this year totalled 17.13 million tonnes, marginally lower 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 19.66 million tonnes, higher by 2.0% when compared with January to October in 2019. The WBMS report notes that significant increase was recorded in China and Chile.

The global copper demand edged higher marginally from 19.60 million tonnes in Jan-Oct ’19 to 20.80 million tonnes during the first ten months this year. The Chinese apparent demand surged higher by 18.2% to total 12.20 million tonnes. Meantime, the EU demand edged lower by 177 kt from the comparable total last year.

The monthly refined copper production totalled 2,033.7 kt in October 2020, whereas the demand totalled 2,250.1 kt.

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