World Bureau of Metal Statistics announced that the copper market recorded a deficit of 1143 kt in January to October 2020 which follows a deficit of 383 kt in the whole of 2019. Reported stocks at the end of October 2020 were 64 kt higher than at the end of December 2019. This increase includes net deliveries of 25 kt into LME warehouses and Comex stocks rose by 36.2 kt. Shanghai stocks rose by 16.1 kt during the ten 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 October 2020 was 17.13 million tonnes which was 0.1 per cent lower than in the same period in 2019. Global refined production for January to October 2020 was 19.66 million tonnes up 2.0 per cent compared with the previous year with significant increases recorded in China (up 752 kt) and in Chile (up 89 kt).
Global demand for January to October 2020 was 20.80 million tonnes compared with 19.6 million tonnes for the same months of 2019. Chinese apparent demand for the period January to October 2020 was 12.2 million tonnes which was 18.2 per cent higher than the first ten months of 2019. EU28 production rose by 2.6 per cent and demand was 177 kt lower than the comparable 2019 total.
In October 2020, refined copper production was 2033.7 kt and demand was 2250.1 kt.