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Copper June 24, 2021 11:35:35 PM

Global Copper Market Ended in Tiny Deficit

Paul Ploumis
ScrapMonster Author
The WBMS report notes that significant increases were recorded in China and India, where production rose by 271kt and 59kt respectively.

Global Copper Market Ended in Tiny Deficit

SEATTLE (Scrap Monster): The trade statistics published by the World Bureau of Metal Statistics (WBMS) indicate that global copper market recorded marginal deficit during the initial four-month period of the current year. The global copper market recorded deficit of 46kt during this period. This follows a deficit of 952kt recorded during the whole of year 2020.

The reported copper metal stock stood higher by 142kt, when compared with end-December 2020 levels. The LME warehouses reported net deliveries of nearly 31.6kt. The Comex stocks dipped by 9.2kt, whereas the Shanghai stocks rose by 124.8kt during Jan-Apr ’21, WBMS report said.

The world copper mine production during January to April this year totalled 6.90 million tonnes, slightly higher by 3.5% when compared with the year-ago period. The global refined copper output too recorded modest increase over the previous year. The refined production totalled 7.94 million tonnes, marginally higher by 2.8% when compared with January to April in 2020. The WBMS report notes that significant increases were recorded in China and India, where production rose by 271kt and 59kt respectively.

The global copper demand edged higher from 7.75 million tonnes in Jan-Apr ‘20 to 7.99 million tonnes during the first four months this year.

The monthly refined copper production totalled 2,038.8kt in April 2021, whereas the demand totalled 2,088kt.

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