SHANGHAI, May 21 (SMM) – World copper market was in a surplus of 188,000 mt in the first three months of 2020, following a deficit of 268,000 mt in the whole of 2019, the World Bureau of Metals Statistics (WBMS) reported on Wednesday.
Reported stocks rose about 316,000 mt from the end of last year, driven by net deliveries of 765,000 mt into LME-approved warehouses. Comex stocks dropped by 9,000 mt during that period, while Shanghai stocks rose by 240,000 mt.
For the January-to-March period, global copper mine production grew 5.24 million mt, while refined production increased 8.1% to 5.93 million mt, propelled by an increase of 243,000 mt in China and a 61,000 mt gain in Chile.
Global demand for copper rose to 5.74 million mt in the quarter ended March, compared with 5.5 million mt for the same quarter of 2019, as Chinese apparent demand expanded 7.7% to 2.86 million mt.
In March, refined copper production was 2.01 million mt, while demand was 1.96 million mt.