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Copper September 22, 2020 05:20:02 PM

Copper Study Group Reported Minor Deficit Market for the Metal in H1 2020

Paul Ploumis
ScrapMonster Author
The world refined copper output edged higher by 1% during Jan-June ‘20.
Copper Study Group Reported Minor Deficit Market for the Metal in H1 2020

SEATTLE (Scrap Monster): The preliminary data for world copper supply and demand for the month of June 2020 indicates that the market ended in apparent deficit during the first six months of the current year. The September 2020 Copper Bulletin published by the International Copper Study Group (ICSG) states that refined copper market balance indicates a surplus of approximately 235,000 tonnes during this period.

The world copper mine production has declined marginally by nearly 1.0% during the period from January to June in 2020. The concentrate production has registered decline by 1.2% during this period. Also, the SX-EW output has declined by 0.4%. The world mine production is estimated to have declined by almost 4% during April-May ’20, as a result of temporary mine shutdowns and reduced production levels related to global lockdown following the spread of Covid-19 pandemic.

The world refined copper output edged higher by 1% during Jan-June ‘20. The primary production reported an increase of 2.3%, whereas the secondary production was down significantly by 5.2%.

The apparent refined copper usage remained essentially unchanged during the initial half of 2020.   The Chinese apparent usage increased by 9%, in contrast to declines in other regions of the world. Among other major users, Japan and the EU region reported 12% and 10% decline respectively. The usage by the U.S. is also estimated to have dropped by 4.5% over the prior year.

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