The global copper market recorded a 887,000mt deficit in January-September, while the global nickel market saw a surplus of 50,000mt in the same period, according to World Bureau of Metal Statistics (WBMS).
The copper market saw a deficit of 383,000mt in 2019 while nickel market noted a full-year deficit of 27,600mt in 2019, WBMS reported.
Global mine production in the first nine months fell 0.4pc to 15.31mn mt. However, the global refined copper output was up by 2.7pc to 17.6mn mt from the same period in 2019. This rise was mainly recorded in China and Chile – up by 707,000mt and 98,000mt respectively. Global refined copper production in September this year was 2.02mn mt while demand was 2.2mn mt.
Global copper demand in the nine-month period rose to 18.5mn mt compared to 17.6mn mt in the same months last year. China saw a 17.5pc rise in demand to 9,400mn mt while EU demand declined by 172,000mt from January-September this year compared to the same period in 2019.
Global nickel mine production decreased by 216,000mt to 1.67mn mt in the first nine months of the year compared to the same period in 2019. In this period, the Chinese smelter/refinery production was down by 125,000mt while the demand fell by 71,000mt. Refined nickel output in January-September tallied at 1.69mn mt and 205,600 mt for September alone.
Global nickel demand was down by 169,000mt at 1.64mn mt in the first nine months of the year, over the same period in 2019.
WBMS has calculated this report on an apparent basis since the COVID-19 pandemic disrupted the global metal supply and demand forces.