Global supply in the copper market outweighed demand by 61,000mt from January-May 2021, compared to an 890,000mt deficit in the full year of 2020, indicated the World Bureau of Metal Statistics (WBMS).
The world’s mined copper production and refined copper output increased by 3.7pc and 2.5pc, respectively, to 8.64mn mt and 10mn mt in the same period under review compared to 2020.
WBMS stated that the rise was mainly in China and India where production was up by 280,000mt and 72,000mt, respectively.
Global copper demand was 10mn mt from January-April this year as against 9.8mn mt during the same months in 2020. China recorded a 4.4pc rise in demand to 5.6mn mt, whereas the EU27 reported a 3.9pc rise in production. The Union’s demand for copper, however, was 12,000mt lower in the same timeframe.
Global refined copper output and demand stood at 2.03mn mt and 2.01mn mt, respectively, in May 2021.