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Copper market in tiny deficit in January to April 2020

Metal News - Published on Thu, 25 Jun 2020

Image Source: Copper
World Bureau of Metal Statistics announced that the copper market recorded a deficit of 2.4 kt in January to April 2020 which follows a deficit of 268 kt in the whole of 2019. Reported stocks rose during the first quarter but fell back slightly in April to close 247 kt higher than at the end of December 2019. This increase includes net deliveries of 106.8 kt into the LME warehouses and Comex stocks rose by 2.2 kt . Shanghai stocks rose by 135.4 kt during January and April. Demand is measured on an apparent basis and it is likely that the full effects of national lockdowns have not been fully reflected in 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 April 2020 was 6.62 million tonnes which was 1.9 per cent higher than in the same period in 2019. Global refined production for January to April 2020 was 7.9 million tonnes up 6.2 per cent compared with the previous year with significant increases recorded in China (up 326 kt) and in Chile (up 80 kt).

Global demand for January to April 2020 was 7.85 million tonnes compared with 7.74 million tonnes for the same months of 2019. Chinese apparent demand for the period January to April 2020 was 4056 kt which was 3.6 per cent higher than the first four months of 2019. EU28 production fell by 5 per cent and demand was 92 kt lower than the comparable 2019 total.

In April 2020, refined copper production was 1952.0 kt and demand was 2116.2 kt.

Source :

Posted By : Yogender Pancholi on Thu, 25 Jun 2020
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