WBMS: Global Copper Market Saw a Supply Deficit of 657,000 mt from January to August, 2022

Published: Oct 20, 2022 11:02

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According to the report released by World Bureau of Metal Statistics (WBMS) on October 19, the global copper market recorded a deficit of 657,000 mt in January to August 2022, which follows a deficit of 283,000 mt in the whole of 2021.

SHANGHAI, Oct 20 (SMM) - According to the report released by World Bureau of Metal Statistics (WBMS) on October 19, the global copper market recorded a deficit of 657,000 mt in January to August 2022, which follows a deficit of 283,000 mt in the whole of 2021.

Reported LME stocks (including off warrant stocks) at the end of August 2022 were 48,000 mt higher than at the end of December 2021. Net deliveries out of SHFE warehouses were 3,300 mt and Comex stocks decreased by 13,900 mt.

World mine output in January to August 2022 was 14.27 million mt, up 1.7% compared with the first eight months of 2021. Global cooper cathode output for January to August 2022 was 16.4 million mt, up 1.3% compared with the previous year with significant increases recorded in China and India of 251,000 mt and 52,000 mt respectively.

Global demand in January to August 2022 was 17.07 million mt, which was 4.3% higher than the total recorded for January to August 2021. During the same period, Chinese apparent demand was 9.44 million mt, which was 5.2 % higher than the comparable period in 2021. Reported output of semi manufactures in China rose by 2.1%. US copper cathode output was 651,100 mt, which was 7,400 mt higher than the comparable months of 2021.

August metal balances for copper cathode recorded production at 2.07 million mt and demand at 2.24 million mt.

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