[important] impact of epidemic situation on global metal industry SMM adjusts supply and demand data of industry chain
Chilean National Mining Association: 200000 tons of excess supplies in the Copper Market in 2020
SMM5 March 28: the International Copper processing Association (IWCC) said recently that due to the impact of the epidemic, global copper demand is expected to fall 5.4% this year to 22.625 million tons, while the global copper market will have a surplus of 285000 tons.
Copper demand is expected to rise 4.4 per cent to 23.625 million tons in 2021.
Copper supply will also fall this year, but will rebound strongly in 2021.
According to (ICSG), an international copper research organization, copper production in 2019 is 20.46 million tons. Copper production is expected to fall 4.0 per cent to 19.65 million tonnes by 2020. Copper is expected to grow by 6.7% by 2021. The output of refined copper in 2019 is 23.47 million tons. IWCC added that refined copper production is expected to reach 22.91 million tons in 2020 and could reach 24.3 million tons by 2021. "
IWCC said that in the current period of economic uncertainty, the copper market forecast has become more difficult.
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