Copper Study Group Signalled Surplus Market Until May

SEATTLE (Scrap Monster): The preliminary data for world copper supply and demand for the month of May 2021 indicates that the market ended in modest surplus during the first five months of the current year. The August 2021 Copper Bulletin published by the International Copper Study Group (ICSG) states that refined copper market balance indicates a surplus of approximately 80,000 tonnes during this period.

The world copper mine production has increased by nearly 4.8% during the period from January to May in 2021. The concentrate production has surged higher by 6.5% during this period, whereas the SX-EW output has dropped by around 2%. The output by Chile, the world’s biggest mined copper producer, recorded 2% decline. On the contrary, Peru, the second largest producer of mined copper in the world, saw its output increase by 17%.

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The world refined copper output increased by around 4% during Jan-May ‘21. The primary production reported an increase of 4.3%, whereas the secondary production was up modestly by 2%. The refined production in DRC and Zambia were up by 14% and 25% respectively, ICSG data said.

The apparent refined copper usage increased by around 4.5% in the initial five-month period of 2021.   The Chinese apparent usage saw 5% surge. The refined copper usage by world except China has increased by 3.8% until May this year.

 Among other major users, Japan and the EU region reported 6% and 2.5% decline respectively. The usage by the U.S. is also estimated to have reduced by 3% over the prior year.