The global copper market recorded a 1.2mn mt deficit in the first 11 months of 2020 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 53,600mt in January-November 2020 compared to a full-year deficit of 27,600mt in 2019.
Global refined copper production in November 2020 was 2.1mn mt while demand was 2.1mn mt, WBMS reported. Global mine production in the 11 month period rose by 0.1pc to 18.96mn mt, while the global refined copper output was up by 2pc to 21.77mn mt from the same period in 2019. The rise was mainly recorded in China and Chile – up by 902,000mt and 72,000mt respectively.
Global copper demand in the first 11 months rose to 22.97mn mt compared to 21.77mn mt in the same months in 2019. China again saw a 16.6pc rise in demand to 13.45mn mt and EU recorded a rise in production by 3pc while demand was 187,000mt lower in the January-November period last year compared to the same period in 2019.
Global nickel refinery and smelter production in November 2020 was 210,200 mt while demand was 217,400mt, WBMS reported. Global mine production decreased by 285,000mt to 2.07mn mt in the first 11 months of last year compared to the same period in 2019. In this period, Chinese smelter/refinery production was down by 120,000mt while the demand dropped by 11,000mt to 1.18mn mt, compared to the same period in 2019. Refined nickel output in January-November tallied at 2.19mn mt while refined nickel demand was 2.13mn mt. Global nickel demand fell by 99,000mt in the first 11 months of the year compared to the the same period 2019.
World Bureau of Metals Statistics’ (WBMS) has calculated demand on an apparent basis as the COVID-19 pandemic has disrupted the global metal supply and demand. They expect the true demand and supply scenario from most countries to emerge in a few months.