Global copper mine output and refined copper production are likely to drop along with the overall demand in 2020, according to a forecast released by the International Wrought Copper Council (IWCC).
Copper mine output may decrease by 4pc to 19.65mn mt in 2020 and in 2021, the copper mine production is expected to recover by 6.7pc. Refined copper production is expected to drop to 22.91mn mt in 2020 from 23.47mn mt in 2019. Refined copper production is likely to go up to 24.30mn mt in 2021, said the IWCC report which is based on publicly available information and inputs from the International Copper Study Group.
Demand for refined copper is expected to drop to 22.62mn mt in 2020, down by 5.4pc from 2019, while The demand for refined copper is likely to go up by 4.4pc to 23.62mn mt in 2021.
In the EU-28 region, demand for refined copper is forecast to drop by 6.4pc in 2020 from 2.96mn mt in 2019. The demand could go up by 5.4pc to 2.92mn mt in 2021.
The demand for refined copper in China is expected to drop to 11.87mn mt in 2020, down by 2.8pc from 12.20mn mt in 2019. In 2021, the demand for refined copper in China is expected to go up to 12.17mn mt in 2021.
In North America (Canada, Mexico, and the US), the refined copper demand is likely to drop to 2.23mn mt in 2020, down by 6.9pc from 2.38mn mt in 2019. IWCC report said that the demand for refined copper is expected to go up by 5.3pc in 2021.
The IWCC supports the copper and copper alloy fabricating industry.