Commodities Buzz: Global Copper Demand Up 3.4% On Year In First 5 Months Of 2022

21 Jul 2022 , 09:48 AM

WBMS stated that the copper market recorded a deficit of 189 kt in January to May 2022 which follows a deficit of 283 kt in the whole of 2021. Reported stocks (including LME off warrant stocks) at the end of May 2022 were 70 kt higher than at the end of December 2021. Net deliveries into Shanghai warehouses were 3.3 kt and Comex stocks increased by 10.9 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 May 2022 was 8.8 million tonnes which was 1.1 per cent higher than the first five months of 2021. Global refined production for January to May 2022 was 10.3 million tonnes up 2 per cent compared with the previous year with significant increase recorded in China of 157 kt. Global demand in January to May 2022 was 10.47 million tonnes which was 3.4 per cent higher than the total recorded for January to May 2021. Chinese apparent demand for the period January to May 2022 was 5.7 million tonnes which was 3.9 per cent higher than the comparable period in 2021. Reported output of semi manufactures in China rose by 0.7 per cent. US refined copper production was 426.2 kt which was 25 kt lower than the comparable months of 2021. May metal balances for refined copper recorded production at 2070.9 kt and demand at 2105.2 kt. Powered by Commodity Insights