Base Metals Preview: COMEX Copper Lingers Around $4.70 Mark

23 Mar 2022 , 08:55 AM

COMEX Copper futures consolidated just under one week high as supportive demand supply market dynamics and firm equities dominated the mood. The metal currently trades flat around $4.70 per pound. The International Copper Study Group or ICSG stated in a latest monthly update that world copper mine production increased by about 2.2% in 2021, with concentrate production increasing by around 3.7% and solvent extraction-electrowinning (SX-EW) declining by about 3.9%. The world refined copper production increased by about 1.4% in 2021 with primary production (electrolytic and electrowinning) up by 0.6% and secondary production (from scrap) up by 6%. The world apparent refined copper usage grew by about 1.4% in 2021 while world refined copper balance in 2021 indicates an apparent deficit of about 475,000 t.

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