Commodities Buzz: Global Copper Market Records Deficit Of 341 kt In January To June 2022

18 Aug 2022 , 02:46 PM

The global copper market recorded a deficit of 341 kt in January to June 2022 which follows a deficit of 283 kt in the whole of 2021. Reported LME stocks (including off warrant stocks) at the end of June 2022 were 48 kt higher than at the end of December 2021. Net deliveries into Shanghai warehouses were 19.0 kt and Comex stocks increased by 9.5 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. No allowance is made in the consumption calculation for unreported stock changes, particularly in the Chinese government stockpile. World mine production in January to June 2022 was 10.6 million tonnes which was 1.3 per cent higher than the first six months of 2021. Global refined production for January to June 2022 was 12.3 million tonnes up 1.2 per cent compared with the previous year with significant increase recorded in China of 179 kt. Global demand in January to June 2022 was 12.63 million tonnes which was 2.9 per cent higher than the total recorded for January to June 2021. Chinese apparent demand for the period January to June 2022 was 7.0 million tonnes which was 3.1 per cent higher than the comparable period in 2021. Reported output of semi manufactures in China rose by 0.5 per cent. US refined copper production was 500.1 kt which was 21.9 kt higher than the comparable months of 2021. June metal balances for refined copper recorded production at 2073.6 kt and demand at 2156.0 kt.Powered by Commodity Insights