The demand for refined copper in the North American region (Canada, the United States, and Mexico) will grow 5.5pc in 2021 compared to the previous year, according to short-term estimates presented by the International Wrought Copper Council (IWCC) on May 17.
Demand for refined copper in this region was 2.26mn mt in 2020, while it is expected to increase to 2.385mn mt this year. A further increase of 2.7pc is expected in 2022.
Regarding supply, the IWCC reported that total global mining production in 2021 is expected to be 20.9mn mt, which represents an increase of 2.6pc compared to 2020, while for 2022 it has forecasted a 6.1pc rise.
Refined copper production will also see its numbers rise this year to reach 20.9mn mt, an increase of 0.9pc compared to 2020. In the next year, the IWCC expects the production of this metal to reach 25.25mn mt.