SHANGHAI, Apr 23 (SMM) – World copper market was in a surplus of 98,000 mt in the first two months of 2020, following a deficit of 197,000 mt in the whole of 2019, the World Bureau of Metals Statistics (WBMS) reported on Wednesday.
Reported stocks rose 263,000 mt from the end of December 2019.
WBMS also reported that global copper mine production stood at 3.48 million mt in January-to-February, up 10% from the same period last year.
Global production of refined copper rose 6.5% during the same period to 3.85 million mt, propelled by significant increases in China and Chile.
In January to February, global demand for copper was 3.75 million mt, compared with 3.61 million mt for the same period of 2019.
China’s apparent demand for copper grew 8.5% year on year to 1.886 million mt, while demand from EU28 production shrank 9% to 497,000 mt.
In February 2020, global refined copper production was 1.865 million mt, while demand was 1.858 mt.