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Copper May 21, 2020 08:30:53 PM

WBMS Posted Modest Surplus Copper Market

Paul Ploumis
ScrapMonster Author
The world copper mine production during January to March this year totalled 5.24 million tonnes.
WBMS Posted Modest Surplus Copper Market

SEATTLE (Scrap Monster): The trade statistics published by the World Bureau of Metal Statistics (WBMS) indicates that global copper market recorded modest surplus during the first three months of the current year. The global copper market recorded surplus of 188kt during this period. This follows a deficit of 268kt recorded during the whole of year 2019.

The reported copper metal stock surged during March to close at a level 316kt higher than the year-end level in 2019. The LME warehouses reported net deliveries of nearly 76.5kt during the first quarter of 2020.

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The world copper mine production during January to March this year totalled 5.24 million tonnes, higher by 8% when compared with the year-ago period. The global refined copper output too recorded marginal increase over the previous year. The refined production totalled 5.93 million tonnes, higher by 8.1% when compared with January to March in 2019. China and Chile reported significant increases.

The global copper consumption edged higher marginally from 5.50 million tonnes in Jan-Mar ’19 to 5.74 million tonnes during the similar three-month period this year. The Chinese apparent demand surged higher by 7.7% to total 2.857 million tonnes during the initial three months of 2020. Meantime, the EU demand edged lower to 810kt, upon comparison with the prior year.

The monthly refined copper production totalled 2,005.8kt in March 2020, whereas the demand totalled 1,956.7kt.