World Bureau of Metal Statistics announced that the copper market recorded a deficit of 1203 kt in January to November 2020 which follows a deficit of 383 kt in the whole of 2019. Reported stocks at the end of November 2020 were 11 kt lower than at the end of December 2019. Net deliveries into LME warehouses were 5.2 kt and Comex stocks increased by 37.8 kt. Shanghai stocks fell by 30.7 kt during the eleven month period. Demand is measured on an apparent basis and it is likely that the full effects of national lockdowns have not been fully reflected in 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 November 2020 was 18.96 million tonnes which was 0.1 per cent higher than in the same period in 2019. Global refined production for January to November 2020 was 21.77 million tonnes up 2.0 per cent compared with the previous year with significant increases recorded in China (up 902 kt) and in Chile (up 72 kt).
Global demand for January to November 2020 was 22.97 million tonnes compared with 21.77 million tonnes for the same months of 2019. Chinese apparent demand for the period January to November 2020 was 13.45 million tonnes which was 16.6 per cent higher than the first eleven months of 2019. Reported output of semi manufactures rose by 8.6 per cent which suggests that the apparent demand figure overstates real demand. EU28 production rose by 3 per cent and demand was 187 kt lower than the comparable 2019 total.
In November 2020, refined copper production was 2141.5 kt and demand was 2179.5 kt.