Commodities Buzz: Global Copper Demand Up 0.90% In 2021

16 Feb 2022 , 06:07 PM

According to the World Bureau Of Metal Statistics, the world copper market recorded a deficit of 397 kt in January to December 2021 which follows a deficit of 690 kt in the whole of 2020. Reported stocks (including LME off warrant stocks) at the end of December 2021 were 180.4 kt lower than at the end of December 2020. Net deliveries out of Shanghai warehouses were 37.0 kt and Comex stocks decreased by 7.5 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 December 2021 was 21.37 million tonnes which was 3.8 per cent higher than the whole of 2020. Global refined production for January to December 2021 was 24.66 million tonnes up 2.1 per cent compared with the previous year with significant increases recorded in China (up 466 kt) and in India (up 151 kt).

Global demand in January to December 2021 was 25.06 million tonnes which was 0.9 per cent higher than the total recorded for the whole of 2020. Chinese apparent demand for the period January to December 2021 was 13.89 million tonnes which was 4.4 per cent lower than the comparable period in 2020. Reported output of semi manufactures in China rose by 3.8 per cent. US refined copper production was 1022.7 kt which was 105 kt higher than the comparable months of 2020. December metal balances for refined copper recorded production at 2158.2 kt and demand at 2272.7 kt.

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