International Copper processing Association: it is estimated that the copper market surplus will reach 285000 tons this year.

Published: May 28, 2020 08:04

Source: SMM compilation

Save

[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.

"Click to participate in the second China (Yingtan) Copper Industry Summit Forum and the 15th China International Copper Industry chain Summit"

"these enterprises have signed up! (part of the list of participants is attached)

To sign up for the summit or apply to join the SMM industry exchange group, please scan the code:

Supply and demand output non-ferrous metals

Data Source Statement: Except for publicly available information, all other data are processed by SMM based on publicly available information, market communication, and relying on SMM‘s internal database model. They are for reference only and do not constitute decision-making recommendations.

For any inquiries or to learn more information, please contact: lemonzhao@smm.cn

For more information on how to access our research reports, please contact:service.en@smm.cn

Related News

1 hour ago

Active Offerings of Forward-Month Delivery B/Ls, Trading Volume Pulled Back Significantly from the Previous Day [SMM Yangshan Spot Copper]

1 hour ago

Month-End Trading Was Sluggish, and SHFE Copper Spot Discounts Remained in the Doldrums [SMM Shanghai Spot Copper]

[SMM Shanghai Spot Copper] Looking ahead to tomorrow, the Shanghai spot copper market is expected to see a phased recovery. Demand side, as a new monthly procurement cycle begins, the previously pent-up purchasing demand of downstream enterprises will be gradually released. Coupled with the stockpiling window ahead of the Qingming Festival, market inquiry activity is expected to rebound, and trading conditions may improve significantly from month-end levels, providing some support for spot discounts. From the market structure perspective, the price spread between high-quality copper and standard-quality copper has remained at a relatively narrow level, reflecting that actual consumption demand still dominates the market, while brand premiums have weakened. Supply side, imported cargoes have continued to arrive recently, and the destocking speed of social inventory in Shanghai has slowed, leaving overall circulating supply relatively ample and limiting the room for discount recovery. Overall, driven by early-month procurement and pre-holiday stockpiling, spot prices against the SHFE copper 2604 contract are expected to see some narrowing in discounts tomorrow.

1 hour ago

3 hours ago

Month-End Market Trading Was Sluggish, but Spot Premiums Remained Firm [SMM South China Spot Copper]

3 hours ago