SMM10: international copper research group (ICSG) said on Monday that there was a global shortage of 52000 tons of refined copper in 2020 and a surplus of 69000 tons in 2021. Global refined copper production is expected to grow by 1.6 percent in 2020 and 2021.
Global demand for refined copper is expected to remain basically unchanged this year (+ 0.2 per cent), while global demand for copper is expected to grow by 1.1 per cent in 2021.
Affected by the epidemic, ICSG estimates that global demand for refined copper excluding China will fall by 9 per cent.
In terms of mineral copper, global production is expected to be 20.223 million tons this year, down 1.5% from the same period last year, and 21.151 million tons in 2021, an increase of 4.6%. Details are shown in the table below:
Note: the above data are from the ICSG report.
