SMM: the global copper market has a supply shortage of 18000 tons from January to May 2020 and 267000 tons for the whole of 2019, according to a report released by the World Bureau of Metals Statistics (WBMS) on Wednesday.
Inventories were reported to increase during the first quarter, but declined slightly in April and May, with inventories reported by the end of May by 170000 tons compared with the end of December 2019. The increment includes a net delivery of 111000 tons to the LME warehouse and an increase of 17600 tons in COMEX inventory. Inventory in Shanghai increased by 21400 tons from January to May.
Demand is measured on an apparent basis, and the full impact of the national blockade imposed to contain the Xinguan pneumonia epidemic may not be fully reflected in trade statistics.
Unreported inventory changes, especially Chinese government inventory, are not taken into account in consumption statistics.
Global mine copper production from January to May was 8.24 million tonnes, down 0.1 per cent from the same period in 2019.
From January to May, global refined copper production was 9.8 million tons, an increase of 6.1 percent over the same period last year. China and Chile increased significantly, by 468000 tons and 107000 tons respectively.
Global demand from January to May was 9.86 million tons, compared with 9.61 million tons in the same period in 2019.
China's apparent demand from January to May was 5.32 million tons, an increase of 9.8% over the same period in 2019. Production in the 28 EU countries fell 2.2 per cent year-on-year, while demand fell 106000 tons.
In May 2020, the global production of refined copper was 2.0071 million tons and the demand was 2.0617 million tons.
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