WBMS: Copper Metal Balance Ended in Deficit in 2021

SEATTLE (Scrap Monster): The trade statistics published by the World Bureau of Metal Statistics (WBMS) indicate that global copper market recorded modest deficit during the entire previous year. The global copper market recorded deficit of 397 kt during this period. This follows a deficit of 690kt recorded during the whole of 2020.

The reported copper metal stock stood lower by 180.4kt, when compared with end-December 2020 levels. The Shanghai warehouses reported net deliveries of nearly 37kt. The Comex stocks witnessed decline by 7.5kt.

The world copper mine production during full-year 2021 totalled 21.37 million tonnes, slightly higher by 3.8% when compared with the year before that. The global refined copper output too recorded modest increase over the previous year. The refined production totalled 24.66 million tonnes, marginally higher by 2.1% when compared with 2020. The WBMS report notes that significant increases were recorded in China and India, where production recorded a jump by 466kt and 151kt respectively.

The global copper demand edged higher marginally by 0.9% in 2021 to 25.06 million tonnes recorded in 2020.

The monthly refined copper production in December 2021 totalled 2,158.2kt, whereas the demand totalled 2,272.7kt.

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