World Refined Copper Balance Indicated Apparent Surplus in Jan-Feb ‘21

SEATTLE (Scrap Monster): The International Copper Study Group (ICSG) has released its May 2021 Copper Bulletin, which provides preliminary data for the month of February this year.

In accordance with the data provided by ICSG, the world copper mine production increased marginally by nearly 3.5% in the initial two-month period of 2021. The concentrate production has surged higher by almost 5%, whereas the SX-EW output registered decline by almost 3%.

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Chile-the world’s largest copper mine producing country saw its output contract by 2.6%, mainly due to 18% decline in SX-EW output. The output by Peru during Jan-Feb ’21 was down by 3.7%. On the other hand, the Indonesian output skyrocketed by 90%, primarily due to ramp-up of underground output at Grasberg mine. The production in the Democratic Republic of Congo, Mongolia, Panama and Russia too reported noted increase.

The world refined copper production increased marginally by around 2.9% in the first two months of 2021. The primary production soared by 3%, whereas the secondary production edged higher by 0.6%. Meantime, the world apparent refined copper usage increased by 1.7% in the initial two months of 2021.

The ICSG report indicates that the world refined copper market posted apparent surplus of nearly 130,000 tonnes in Jan-Feb ’21.