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Base Metals Preview: Global Copper Demand Sees Good Uptick

Base Metals Preview: Global Copper Demand Sees Good Uptick

May 20, 2022 8:52 IST | capital market
WBMS data showed that global copper market recorded a deficit of 189 kt in January to March 2022 which follows a deficit of 473 kt in the whole of 2021. Reported stocks (including LME off warrant stocks) at the end of March 2022 were 94.5 kt higher than at the end of December 2021. Net deliveries into Shanghai warehouses were 63.9 kt and Comex stocks increased by 4.3 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. World mine production in January to March 2022 was 5.19 million tonnes which was 0.1 per cent higher than the first three months of 2021. Global refined production for January to March 2022 was 6.0 million tonnes up 0.6 per cent compared with the previous year with significant increase recorded in China of 65 kt. Global demand in January to March 2022 was 6.209 million tonnes which was 4.2 per cent higher than the total recorded for January and March 2021. Chinese apparent demand for the period January to March 2022 was 3.33 million tonnes which was 3.1 per cent higher than the comparable period in 2021. Reported output of semi manufactures in China rose by 6.8 per cent. US refined copper production was 251.4 kt which was 2 kt lower than the comparable months of 2021. March metal balances for refined copper recorded production at 2023.9 kt and demand at 2144.4 kt.Powered by Commodity Insights

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