World Copper Market Witnessed Modest Deficit: WBMS Metals Balances

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 eight-month period of the current year. The global copper market recorded deficit of 447kt during this period. This follows a deficit of 383kt recorded during the whole of year 2019.

The reported copper metal stock registered slight increase during August this year to close at a level 37kt higher than the year-end level in 2019. The LME warehouses reported net deliveries of nearly 57kt, The Comex and Shanghai stocks rose by 41.9kt and 46.5kt respectively until August in 2020.

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The world copper mine production during January to August this year totalled 13.54 million tonnes, slightly lower by 0.5% when compared with the year-ago period. The global refined copper output too recorded modest increase over the previous year. The refined production totalled 15.80 million tonnes, higher by 3.6% when compared with January to August in 2019. The WBMS report notes that significant increases were recorded in China and Chile, where production rose by 623kt and 101kt respectively.

The global copper demand edged higher marginally from 15.5 million tonnes in Jan-Aug ’19 to 16.20 million tonnes during the first eight months this year. The Chinese apparent demand surged higher by 17.5% to total 9.40kt. Meantime, the EU demand edged lower by 172 kt from the comparable total last year.

The monthly refined copper production totalled 2,020.4kt in August 2020, whereas the demand totalled 2,157.2kt.