Copper mine production in February was 1.5mn mt, while world refined production was 1.8mn mt, according to International Copper Study Group (ICSG).

 

Global copper mine production and refined copper production increased by 2pc and 0.6pc, respectively, in the first two months of 2020 compared to the same two-month period in 2019. 

 

Chile’s mine production rose by 4pc in January and February, after recovering from production constraints in 2019. Copper mine production in Congo in the first two months of 2020 increased by 5pc as mining production rose, which offset mine closures in 2019. Indonesian copper mine production grew by 14pc in January and February 2020 compared to the same period in 2019. 

 

However, copper mine production in Peru in January and February decreased by 4pc due to operational issues and hostile weather conditions. Copper mine production in the first two months of 2020 in China decreased by 12pc compared to January and February 2019 because of COVID-19 shutdowns.

 

Refined electrolytic copper production in Chile surged by 30pc in January and February of this year compared to the same period in 2019 because smelters were temporarily closed for upgrading. The total refined copper production in Chile, including electrowinning, jumped by 14.5pc in January and February of this year. 

 

Japan saw an increase in refined copper production, as it rose by 7pc through the first two months of 2020 over the comparable period in 2019. In Africa, refined copper production in Congo rose by 5pc, while it declined b 20pc in Zambia due to temporary shutdowns in during the first couple of months of the year.

 

Refined copper production in China through January and February was negatively affected by COVID-19-forced closures. 

 

Global refined copper usage fell by 2pc in the first two months of the year. In China, the refined copper usage declined by 4pc because imports rose by 9pc in January and February of 2020 compared to the same period during the previous year. Japan’s refined copper usage decreased by 2pcl while it remained flat in the EU and US during the first two months of the year compared January and February 2019. 

 

There was a 117,934mt surplus of refined copper balance in January and February because of apparent usage in China. 

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