SEATTLE (Scrap Monster): The preliminary data for world copper supply and demand for the month of May 2022 indicates that the market ended in apparent surplus during the first five months of the current year. The July 2022 Copper Bulletin published by the International Copper Study Group (ICSG) states that refined copper market balance ended at a surplus of approximately 43,000 tonnes during this period.
The world copper mine production has increased marginally by nearly 2.7% during the period from January to May in 2022. The concentrate production has increased by around 1.9%, whereas the SX-EW output has registered a surge by about 6.4%. The production in Chile- the world’s largest copper mine producing country, was down by 6.4% during the initial five-month period of the year. Also, output in Peru too was down marginally by 0.3%.
The world refined copper output increased modestly by 2.9% during the initial five-month period in 2022. The primary production reported an increase of 3.6%, while the secondary production was down slightly by 0.7%.
The apparent refined copper usage witnessed growth by 2.2% in Jan-May ‘22. The Chinese apparent usage saw 2.5% increase, partially offsetting the decline in other regions. The world ex-China refined copper usage is estimated to have increased by around 2% during this period, when compared with the corresponding five-month period in 2021, said ICSG Copper Bulletin.