Copper Study Group Signals Apparent Deficit Market for the Metal

SEATTLE (Scrap Monster): The International Copper Study Group (ICSG) has released its October 2020 Copper Bulletin, which provides preliminary data for the month of July this year.

In accordance with the data provided by ICSG, the world copper mine production declined marginally by nearly 0.8% in the initial seven-month period of 2020. The concentrate production has declined by almost 1%, whereas the SX-EW output remained essentially unchanged.

Chile-the world’s largest copper mine producing country saw its output increase by 1.5%, aided by recovery from production constraints in early 2019. The stoppages resulting from Covid-19 pandemic coupled with bad weather conditions and operational issues at major mines led to 18% decline in mine output in Peru. On the other hand, the Indonesian output has surged higher significantly by 8%. The production in the Democratic Republic of Congo and Panama too reported noted increase.

The world refined copper production increased marginally by around 1% in the first seven months of 2020. The primary production soared by 2.3%, whereas the secondary production edged lower by 5.2%. Meantime, the world apparent refined copper usage remained essentially unchanged in the first seven months of 2020.

The ICSG report indicates that the world refined copper market posted apparent deficit of nearly 255,000 tonnes.

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