Global refined copper production grew by 2.4pc to 12.05mn mt in H1 2021 against the same period last year, driven by an increase of 335,000mt in China and 66,000mt in India, the World Bureau of Metal Statistics (WBMS) reported.
Data indicated an 4.2pc increase in mined copper production in January-June to 10.33mn mt over H1 2020 as global demand increased to 12.27mn mt from 11.89mn mt in the same timeframe, WBMS noted. In June, refined copper production stood at 2.05mn mt while demand was at 2.37mn mt. The US’ refined copper output also grew by 67,000mt to 512,000mt in the first half of this year.
The increase in demand and consumption also resulted in a 222,000mt deficit in the copper market against a deficit of 890,000mt reported for the full year 2020. Growth in demand for the red metal was led by China in H1 2021, with the Asian country’s apparent demand increasing by 3.5pc to 6.93mn mt in H1 2021 compared to the same period last year.