Global Copper Market Ended in Surplus During Jan-May '21: Metals Balances Report

SEATTLE (Scrap Monster): The trade statistics published by the World Bureau of Metal Statistics (WBMS) indicate that global copper market recorded modest surplus during the initial five-month period of the current year. The global copper market recorded surplus of 61 kt during this period. This follows a deficit of 890kt recorded during the whole of the previous year.

The reported copper metal stock stood higher by 53kt, when compared with end-December 2020 levels. The LME warehouses reported net deliveries of nearly 60kt. The Comex stocks witnessed decline by 13.8kt, whereas the Shanghai stocks rose by 132.7kt during Jan-May ‘21.

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The world copper mine production during January to May this year totalled 8.64 million tonnes, slightly higher by 3.7% when compared with the year-ago period. The global refined copper output too recorded modest increase over the previous year. The refined production totalled 10.0 million tonnes, marginally higher by 2.5% when compared with January to May in 2020. The WBMS report notes that significant increases were recorded in China and India, where production rose by 280kt and 72kt respectively.

The global copper demand edged higher from 9.75 million tonnes in Jan-May ‘20 to 9.94 million tonnes during the initial five-month period of the current year.

The monthly refined copper production totalled 2,027.5kt in May 2021, whereas the demand totalled 2,013.4kt.