Commodities Buzz: World Copper Mine Production Up 2.6% Over First Ten Months Of 2021

24 Jan 2022 , 04:57 PM

The International Copper Study Group (ICSG) stated in a latest update that world copper mine production increased by 2.6% over the first ten months of 2021, with concentrate production increasing by around 4.1% and solvent extraction-electrowinning (SX-EW) declining by about 3.8%. Mine production grew by around 2.6% in Jan-Oct 2021 but this compares to a low 2020 basis when the copper mining industry was severely impacted by the global lockdown. Government imposed restrictions related to COVID-19 and sustained rates of infection have continued to constrain mine output in 2021.

Production in Chile, the world’s largest copper mine producing country, was down by 2.2% over the period Jan-Oct 2021 with concentrate production falling by 1.2% and SX-EW output declining by 5.1% mainly at the Escondida mine. Preliminary data indicates that world refined copper production increased by about 1.4% over the first ten months of 2021 with primary production (electrolytic and electrowinning) up by 1% and secondary production (from scrap) up by 5%.

Preliminary official Chinese refined production data indicates growth of 4.5% over Jan-Oct 2021; however, y-o-y 3rd quarter production was up by only 0.9%. Chilean total refined copper production (electrolytic and electrowinning) declined by 3.5% mostly impacted by a 5% reduction in electrowinning refined production. Preliminary data indicates that world apparent refined copper usage increased by about 1% over the first ten months of 2021. The world refined copper balance in the first ten months of 2021 indicates an apparent deficit of about 295,000 tonnes.

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