WBMS: Copper Metal Balance in Deficit Until November

SEATTLE (Scrap Monster): The latest data published by the World Bureau of Metal Statistics (WBMS) indicates deficit global copper market during the initial eleven-month period of 2021.

The worldwide copper market recorded a deficit of 349 kt during this period. This follows a deficit of 691.9 kt recorded during the whole of 2020.

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The global copper mine production in Jan-Nov ’21 totalled 19.53 million tonnes, marginally higher by 4.2% than the corresponding eleven-month period in 2020. Meantime, the global refined production amounted to 22.44 million tonnes until November last year, up by 1.5% compared with the year before. The refined production witnessed significant increases in China and India, recording a surge by 337 kt and 127 kt respectively. The U.S refined production too were up by 67 kt at 902.4 kt.

The global copper demand from January to November in 2021, at 22.79 million tonnes, remained more or less unchanged from the first eleven months of 2020. The Chinese apparent demand edged down by 6.4% year-on-year to 12.52 million tonnes.

The reported copper stocks at the end of November last year were 186.7 kt lower than end-December 2020 levels. The Shanghai warehouses reported net deliveries of 33.3 kt, whereas the Comex stocks witnessed decline by 16.2 kt.