World Copper Metal Balance in Deficit Until April

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 four-month period of the current year. The global copper market recorded deficit of 409kt during this period. This follows a deficit of 473kt recorded during the whole of the previous year.

The reported copper metal stock stood higher by 115.5kt, when compared with end-December 2021 levels. The net deliveries into Shanghai warehouses were 10.2kt. The Comex stocks witnessed increase by 13.7kt.

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The world copper mine production from January to April this year totalled 6.88 million tonnes, slightly lower by 0.7% when compared with the first four months of 2021. On the contrary, the global refined copper output recorded modest increase over the previous year. The refined production totalled 8.1 million tonnes, marginally higher by 1.1% when compared with the previous year. The WBMS report notes that significant increases were recorded in China, where production rose by 161kt.

The global copper demand edged higher by 5.7% in Jan-Apr ‘22 to 8.54 million tonnes, than the total recorded during Jan-Apr ’21.

The monthly refined copper production totalled 2,069.6 kt in April 2022, whereas the demand totalled 2,187.3 kt.