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Copper Market in Surplus in January to March 2020 - WBMS

Metal News - Published on Fri, 29 May 2020

Image Source: Copper
World Bureau of Metal Statistics in latest report said that the copper market recorded a surplus of 188 kt in January to March 2020 which follows a deficit of 268 kt in the whole of 2019. Reported stocks rose during January, February and March to close 316 kt higher than at the end of December 2019. This increase includes net deliveries of 76.5 kt into the LME warehouses and Comex stocks dropped by 9 kt. Shanghai stocks rose by 240 kt during January and March. No allowance is made in the consumption calculation for unreported stock changes, particularly in the Chinese government stockpile.

World mine production in January to March 2020 was 5.24 million tonnes which was 8 per cent higher than in the same period in 2019. Global refined production for January to March 2020 was 5.93 million tonnes up 8.1 per cent compared with the previous year with significant increases recorded in China (up 243 kt) and in Chile (up 61 kt).

Global demand for January to March 2020 was 5.74 million tonnes compared with 5.5 million tonnes for the same months of 2019. Chinese apparent demand for the period January to March 2020 was 2857 kt which was 7.7 per cent higher than the first three months of 2019. EU28 production fell by 5.8 per cent and demand was 810 kt which was slightly below the January to March 2019 total.

In March 2020, refined copper production was 2005.8 kt and demand was 1956.7 kt.

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Posted By : Yogender Pancholi on Fri, 29 May 2020
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