Commodities Buzz: Global Copper Demand Holds Steady On Year In First 11 Months Of 2021

WBMS stated 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.

The world Copper mine production in January to November 2021 was 19.53 million tonnes which was 4.2% higher than the first eleven months of 2020. Global refined production for January to November 2021 was 22.44 million tonnes up 1.5% compared with the previous year with significant increases recorded in China (up 337 kt) and in India (up 127 kt).

Global Copper 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% lower than the comparable period in 2020. November metal balances for refined copper recorded production at 2091.3 kt and demand at 2197.9 kt.

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