WBMS: World Copper Metal Balance in Deficit in First Half 2022

SEATTLE (Scrap Monster): The trade statistics published by the World Bureau of Metal Statistics (WBMS) indicate that global copper market recorded marginal deficit during the initial six-month period of the current year. The global copper market recorded deficit of 341 kt during the quarter. This follows a deficit of 283 kt recorded during the whole of the previous year.

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The reported copper metal stock stood higher by 48 kt at the end of June 2022, when compared with end-December 2021 levels. The net deliveries into Shanghai warehouses were 19.0 kt. The Comex stocks of the metal witnessed increase by 9.5 kt.

The world copper mine production from January to June this year totalled 10.6 million tonnes, slightly higher by 1.3% when compared with the corresponding half-yearly period a year before. The global refined copper output too recorded modest increase over the previous year. The refined production totalled 12.3 million tonnes, marginally higher by 1.2% when compared with the previous year. The WBMS report notes that significant increases were recorded in China, where production rose by 179 kt.

The global copper demand edged higher by 1.9% in Jan-June ‘22 to 12.63 million tonnes, than the total recorded during Jan-June last year.

The monthly refined copper production totalled 2,073.6 kt in June 2022, whereas the demand totalled 2,156.0 kt.