World Copper Metal Balance Ended in Deficit

SEATTLE (Scrap Monster): The trade statistics published by the World Bureau of Metal Statistics (WBMS) indicate that global copper market recorded deficit during the initial nine-month period of the current year. The global copper market recorded deficit of 103.1kt during this period. This follows a deficit of 697.1kt recorded during the whole of the previous year.

The reported copper metal stock stood lower by 46.6kt at the end of the nine-month period, when compared with end-December 2020 levels. The Shanghai warehouses reported net deliveries of nearly 30.5kt. Meantime, the Comex stocks witnessed decline by 21.8kt, the report said.

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The world copper mine production during January to September this year totalled 15.58 million tonnes, slightly higher by 3.0% when compared with the year-ago period. The global refined copper output too recorded modest increase over the previous year. The refined production totalled 18.31 million tonnes, marginally higher by 1.4% when compared with January to September in 2020. The WBMS report notes that significant increases were recorded in China and India, where production rose by 318kt and 98kt respectively.

The global copper demand edged lower from 18.45 million tonnes in Jan-Sep ‘20 to 18.41 million tonnes during the initial nine-month period of the current year.

The monthly refined copper production totalled 2,071.6kt in September 2021, whereas the demand totalled 2,117.8kt.