World Copper Metal Balance Ended in Deficit Until October 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 ten-month period of the current year. The global copper market recorded deficit of 188 kt during this period. This follows a deficit of 691.9 kt recorded during the whole of the previous year.

The reported copper metal stock stood lower by 133.8kt, when compared with end-December 2020 levels. The net deliveries out of Shanghai warehouses totalled 25.8kt, while the Comex stocks registered decline by 18.1kt.

The world copper mine production during January to October this year totalled 17.69 million tonnes, slightly higher by 4.6% when compared with the year-ago period. The global refined copper output too recorded modest increase over the previous year. The refined production totalled 20.38 million tonnes, marginally higher by 1.3% when compared with January to October in 2020. The WBMS report notes that significant increases were recorded in China and India, where production rose by 258kt and 115kt respectively.

The global copper demand edged lower marginally from 20.70 million tonnes in Jan-October ‘20 to 20.57 million tonnes during the first ten months of the current year.

The monthly refined copper production totalled 2,066.7kt in the month of October 2021, whereas the demand totalled 2,071.5kt.

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