Copper Market in Deficit in January to September 2020
World Bureau of Metal Statistics recently announced that the copper market recorded a deficit of 887 KT in January to September 2020 which follows a
World Bureau of Metal Statistics recently announced that the copper market recorded a deficit of 887 KT in January to September 2020 which follows a deficit of 383 KT in the whole of 2019. Reported stocks at the end of September 2020 were 109 KT higher than at the end of December 2019. This increase includes net deliveries of 18 KT into LME warehouses and Comex stocks rose by 37.1 KT. Shanghai stocks rose by 46.9 KT during January and September. 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 September 2020 was 15.31 million tonnes which was 0.4 per cent lower than in the same period in 2019. Global refined production for January to September 2020 was 17.6 million tonnes up 2.7 per cent compared with the previous year with significant increases recorded in China (up 707 KT) and in Chile (up 98 KT).
Global demand for January to September 2020 was 18.5 million tonnes compared with 17.6 million tonnes for the same months of 2019. Chinese apparent demand for the period January to September 2020 was 10.8 million tonnes which was 18.4 per cent higher than the first nine months of 2019. EU28 production rose by 0.8 per cent and demand was 185 kt lower than the comparable 2019 total.
In September 2020, refined copper production was 2025.1 KT and demand was 2241.5 KT.