World Copper Market Posted Surplus Till July 2022

SEATTLE (Scrap Monster): The preliminary data for world copper supply and demand for the month of July 2022 indicates that the market ended in apparent deficit during the initial seven months of the current year. The September 2022 Copper Bulletin published by the International Copper Study Group (ICSG) states that refined copper market balance ended at a deficit of approximately 126,000 tonnes during this period.

The world copper mine production has increased marginally by nearly 3.0% during the period from January to July in 2022. The concentrate production has increased by around 2%, whereas the SX-EW output has registered a surge by about 7%. The production in Chile- the world’s largest copper mine producing country, was down by 6.0% during the initial seven-month period of the year. On the contrary, Peru recorded output growth, but was limited to 1.5%.

The world refined copper production surged higher modestly by 3% during the initial seven-month period in 2022. The primary production reported an increase of 4%, while the secondary production was down slightly by 2.0%.

The apparent refined copper usage witnessed growth by 2.5% in Jan-July ‘22. The Chinese apparent usage saw 3.0% increase. The world ex-China refined copper usage is estimated to have increased by around 1.8% during this period, when compared with the corresponding seven-month period in 2021, said ICSG Copper Bulletin.

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