World Copper Metal Balance Ended in Deficit Until July

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 103 kt during this period. This follows a deficit of 938 kt recorded during the whole of the previous year.

The reported copper metal stock stood higher by 29kt, when compared with end-December 2020 levels. The net deliveries into Shanghai warehouses totalled 19kt, whereas the Comex stocks registered decline by 29kt.

The world copper mine production during January to July this year totalled 12.06 million tonnes, slightly higher by 4.0% when compared with the year-ago period. The global refined copper output too recorded modest increase over the previous year. The refined production totalled 14.05 million tonnes, marginally higher by 2.0% when compared with January to July in 2020. The WBMS report notes that significant increases were recorded in China and India, where production rose by 371kt and 75kt respectively.

The global copper demand edged higher from 13.99 million tonnes in Jan-July ‘20 to 14.15 million tonnes during the first seven months of the current year.

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The monthly refined copper production totalled 2,015.9kt in the month of July 2021, whereas the demand totalled 2,049.7kt.