Davis Index: Market Intelligence for the Global Metals and Recycled Materials Markets

The global copper market continued to remain in deficit in the first four months of the year with demand exceeding supply by 46,000mt, the World Bureau of Metal Statistics (WBMS) indicated. This compares to a full-year deficit of 952,000mt in 2020.


Global copper mine production in the four month period rose by 3.5pc to 6.90mn mt compared to the same period in 2020, while refined copper output was up 2.8pc to 7.94mn mt from the same period in 2020. This rise was mainly recorded in China and India – where production increased by 271,000mt and 59,000mt respectively. 


Global copper demand in January-April rose to 7.99mn mt compared to 7.75mn mt in the same months in 2020. China again saw a 8.7pc rise in demand to 4.41mn mt and EU recorded a rise in production by 4.1pc. Still, global demand was 15,000mt lower in the four month period compared to the same months in 2020. 


Global refined copper production in April stood at 2.03mn mt while demand was 2.08mn mt, WBMS reported. 


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