The World Bureau of Metal Statistics announced that the copper market recorded a deficit of 490 kt in January to July 2022 which follows a deficit of 283 kt in the whole of 2021. Reported LME stocks (including off warrant stocks) at the end of June 2022 were 47 kt higher than at the end of December 2021. Net deliveries out of Shanghai warehouses were 1.2 kt and Comex stocks decreased by 6.8 kt. Demand is measured on an apparent basis and it is likely that the full effects of national lockdowns will have distorted the trade statistics. No allowance is made in the consumption calculation for unreported stock changes, particularly in the Chinese government stockpile.World mine production in January to July 2022 was 12.45 million tonnes which was 1.4 per cent higher than the first seven months of 2021. Global refined production for January to July 2022 was 14.3 million tonnes up 0.7 per cent compared with the previous year with significant increases recorded in China and India of 203 kt and 38kt respectively.Global demand in January to July 2022 was 14.78 million tonnes which was 2.8 per cent higher than the total recorded for January to July 2021. Chinese apparent demand for the period January to July 2022 was 8.19 million tonnes which was 3.8 per cent higher than the comparable period in 2021. Reported output of semi manufactures in China rose by 2.6 per cent. US refined copper production was 587.4 kt which was 28.7 kt higher than the comparable months of 2021.July metal balances for refined copper recorded production at 2015.5 kt and demand at 2176.3 kt.
The World Bureau of Metal Statistics announced that the copper market recorded a deficit of 490 kt in January to July 2022 which follows a deficit of 283 kt in the whole of 2021. Reported LME stocks (including off warrant stocks) at the end of June 2022 were 47 kt higher than at the end of December 2021. Net deliveries out of Shanghai warehouses were 1.2 kt and Comex stocks decreased by 6.8 kt. Demand is measured on an apparent basis and it is likely that the full effects of national lockdowns will have distorted the trade statistics. No allowance is made in the consumption calculation for unreported stock changes, particularly in the Chinese government stockpile.World mine production in January to July 2022 was 12.45 million tonnes which was 1.4 per cent higher than the first seven months of 2021. Global refined production for January to July 2022 was 14.3 million tonnes up 0.7 per cent compared with the previous year with significant increases recorded in China and India of 203 kt and 38kt respectively.Global demand in January to July 2022 was 14.78 million tonnes which was 2.8 per cent higher than the total recorded for January to July 2021. Chinese apparent demand for the period January to July 2022 was 8.19 million tonnes which was 3.8 per cent higher than the comparable period in 2021. Reported output of semi manufactures in China rose by 2.6 per cent. US refined copper production was 587.4 kt which was 28.7 kt higher than the comparable months of 2021.July metal balances for refined copper recorded production at 2015.5 kt and demand at 2176.3 kt.
