Commodities Buzz: World Copper Mine Production Up 2.7% In First Five Months Of 2022

26 Jul 2022 , 12:21 PM

The International Copper Study Group (ICSG) released preliminary data for May world copper supply and demand in its July 2022 Copper Bulletin. Preliminary data indicates that world copper mine production increased by about 2.7% in the first five months of 2022, with concentrate production increasing by around 1.9 % and solvent extraction-electrowinning (SX-EW) by about 6.4%. Restrictions related to COVID-19 and sustained rates of infection due to the Omicron variant continued to constrain mine output in a number of countries at the beginning of 2022. However, global mine output benefited from additional production at new or expanded mines and from a recovery from reduced output in the first months of 2021 when more stringent Covid-19 related rstriction where in place. Production in Chile, the world’s largest copper mine producing country, was down by 6.4% in the first five months of 2022 with concentrate production falling by 8.8% and SX-EW output increasing by 1%. A number of mines in the country have been negatively impacted by absenteeism related to a high rate of Omicron infections, lower grades and reduced water supply due to a long drought. Preliminary data indicates that world refined copper production increased by about 2.9% in first five months of 2022 with primary production (electrolytic and electrowinning from ores) up by 3.6% and secondary production (from scrap) down by 0.7%. Preliminary data indicates that world apparent refined copper usage grew by about 2.2% in the first five months of 2022. The world refined copper balance in the first five months of 2022 indicates an apparent surplus of about 43,000 t.Powered by Commodity Insights