WBMS announced that the copper market recorded a deficit of 349 KT in January to November 2021 which follows a deficit of 691.9 KT in the whole of 2020. Reported stocks, including LME off warrant stocks, at the end of November 2021 were 186.7 KT lower than at the end of December 2020.

Net deliveries out of Shanghai warehouses were 33.3 KT and Comex stocks decreased by 16.2 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 November 2021 was 19.53 million tonnes which was 4.2 per cent higher than the first eleven months of 2020. Global refined production for January to November 2021 was 22.44 million tonnes up 1.5 per cent compared with the previous year with significant increases recorded in China up 337 KT and in India up 127 KT.

Global demand in January to November 2021 was 22.79 million tonnes which was virtually unchanged from the total recorded for the first eleven months of 2020. Chinese apparent demand for the period January to November 2021 was 12.52 million tonnes which was 6.4 per cent lower than the comparable period in 2020. Reported output of semi manufactures in China rose by 3.2 per cent. US refined copper production was 902.4 KT which was 67 KT higher than the comparable months of 2020.

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Strategic Research Institute

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