World copper market recorded a 1.1mn mt deficit in the first ten months of the year compared to a full-year deficit of 383,000mt in 2019, according to World Bureau of Metal Statistic (WBMS).
The nickel market however, recorded a surplus with production exceeding demand by 63,700mt between January to October, compared to a full-year deficit of 27,600mt in 2019, WBMS reported.
Global refined copper production in October this year was 2.03mn mt while demand was 2.25mn mt, WBMS reported.
Global copper mine production in the ten-months period, fell by 0.1pc to 17.13mn mt, while the global refined copper output was up by 2pc to 19.66mn mt from the same period in 2019. This rise was mainly recorded in China and Chile – up by 752,000mt and 89,000mt respectively.
Global copper demand in the first ten months rose to 20.80mn mt compared to 19.6mn mt in the same period last year. China continued with increasing demand with an 18.2pc rise to 12.2mn mt while the EU recorded a rise in production by 2.6pc to 177,000mt for January-October this year compared to the same period in 2019.
Global nickel refinery and smelter production in October 2020 was 225,200 mt while demand was 210,000mt, WBMS reported.
Global nickel mine production decreased by 238,000mt to 1.88mn mt in the first ten months of the year compared to the same period in 2019. In the ten-month period, Chinese smelter/refinery production was down by 98,000mt while domestic demand was 1mn mt, a 16,000mt drop compared to the same period in 2019. Refined nickel output in the January to October period totalled to 1.95mn mt while refined nickel demand was 1.89mn mt.
From an annual standpoint, the global nickel demand dropped by 126,000mt in the first ten months of the year compared to the the same period 2019.
World Bureau of Metals Statistics’ (WBMS) calculated this report on an apparent basis since the COVID-19 pandemic disrupted the global metal supply and demand. They expect the true demand and supply scenario from most countries to emerge in a few months.