WBMS: Copper Metal Market Ended in Deficit in H1 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 initial six-month period of the current year. The global copper market recorded deficit of 222 kt during this period. This follows a deficit of 890 kt recorded during the whole of the previous year.

The reported copper metal stock stood higher by 58kt, when compared with end-December 2020 levels. The net deliveries into Shanghai warehouses totalled 79kt, whereas the Comex stocks registered decline by 23kt.

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The world copper mine production during January to June this year totalled 10.33 million tonnes, slightly higher by 4.2% when compared with the year-ago period. The global refined copper output too recorded modest increase over the previous year. The refined production totalled 12.05 million tonnes, marginally higher by 2.4% when compared with January to June in 2020. The WBMS report notes that significant increases were recorded in China and India, where production rose by 335kt and 66kt respectively.

The global copper demand edged higher from 11.89 million tonnes in Jan-June ‘20 to 12.27 million tonnes during the initial half of the current year.

The monthly refined copper production totalled 2,057.8kt in the month of June 2021, whereas the demand totalled 2,367.9kt.