The International Metals Study Group (IMSG) projects increased copper, lead and zinc and nickel demand in 2020.
The group—which consists of study groups for the base metals—released data suggesting that, this year, lead usage will increase 0.8pc to 11.9mn mt, while refined zinc demand will rise 0.9pc to 13.8mn mt. Refined copper use is slated for a larger increase of 1.7pc or 25mn mt, and nickel is forecasted to rise to 2.52mn mt.
Save for nickel, all metals IMSG analysed are expected to finish 2020 with surplus balances—lead will be at 55,000mt, zinc at 192kt (192,000mt), and copper at 281,000mt. However, the nickel deficit is on pace for 47kt in 2020.
The data also indicates both ore and refined metal production will likely rise for all four metals this year, with maximum output of 25.6mn mt—a 4.2pc increase—expected from refined copper.
Lead and zinc mining production is expected to rise 3.9pc to 4.9mn mt and 2pc to around 13mn mt, respectively, while copper mining production should grow roughly 2pc this year. Primary nickel production is forecasted to increase 2.47mn mt this year, as well.