World Copper Market Ended in Deficit Till July 2022

SEATTLE (Scrap Monster): The trade statistics published by the World Bureau of Metal Statistics (WBMS) indicate that global copper market recorded modest deficit during the initial seven-month period of the current year. The global copper market recorded deficit of 490 kt during the period. This follows a deficit of 283 kt recorded during the whole of the previous year.

The reported copper metal stock stood higher by 47 kt at the end of July 2022, when compared with end-December 2021 levels. The net deliveries out of Shanghai warehouses were 1.2 kt. The Comex stocks of the metal witnessed a decline by 6.8 kt.

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The world copper mine production from January to July this year totalled 12.45 million tonnes, slightly higher by 1.4% when compared with the corresponding seven-month period a year before. The global refined copper output too recorded modest increase over the previous year. The refined production totalled 14.3 million tonnes, marginally higher by 0.7% when compared with the previous year. The WBMS report notes that significant increases were recorded in China and India, where production rose by 203 kt and 38 kt respectively.

The global copper demand edged higher by 2.8% in Jan-Jul ‘22 to 14.78 million tonnes, when compared to that during the first seven months in 2021.

The monthly refined copper production totalled 2,015.5 kt in July 2022, whereas the demand totalled 2,176.3 kt.