IWCC expects global copper market in surplus of 285,000t in 2020
2020-05-28 12:00:22 [Print]
The global copper market is expected to be in surplus by 285,000 tonnes this year as a result of the COVID-19 pandemic, with the overhang rising to 675,000 tonnes in 2021, an industry body said in a report.
The forecast from the International Wrought Copper Council (IWCC) is against the backdrop of coronavirus-related demand destruction that is expected to dwarf the impact of supply disruptions for industrial metals.
The IWCC, which represents copper and copper alloy fabricators, said the pandemic will reduce copper demand by 5.4% in 2020 but it could rebound by 4.4% in 2021.
Refined copper production this year is forecast to be 22.91 million tonnes against demand of 22.625 million tonnes. In 2021 output is expected to rise to 24.3 million tonnes, with demand at 23.625 million tonnes.
In China, which accounts for roughly half of global copper consumption, refined copper demand is seen falling by 2.8% to 11.87 million tonnes this year but rising 2.6% to 12.175 million tonnes in 2021.
In Europe, refined copper consumption will slide 6.4% in 2020 before climbing 5.4% to 2.927 million tonnes next year.
In North America, including the United States, Canada and Mexico, refined copper demand this year is expected to slip 6.9% to 2.223 million tonnes before registering a 5.3% upturn in 2021.
The forecast from the International Wrought Copper Council (IWCC) is against the backdrop of coronavirus-related demand destruction that is expected to dwarf the impact of supply disruptions for industrial metals.
The IWCC, which represents copper and copper alloy fabricators, said the pandemic will reduce copper demand by 5.4% in 2020 but it could rebound by 4.4% in 2021.
Refined copper production this year is forecast to be 22.91 million tonnes against demand of 22.625 million tonnes. In 2021 output is expected to rise to 24.3 million tonnes, with demand at 23.625 million tonnes.
In China, which accounts for roughly half of global copper consumption, refined copper demand is seen falling by 2.8% to 11.87 million tonnes this year but rising 2.6% to 12.175 million tonnes in 2021.
In Europe, refined copper consumption will slide 6.4% in 2020 before climbing 5.4% to 2.927 million tonnes next year.
In North America, including the United States, Canada and Mexico, refined copper demand this year is expected to slip 6.9% to 2.223 million tonnes before registering a 5.3% upturn in 2021.
Copper Conc. TC 25%min CIF China
Unit:USD/mt
China copper concentrate producers' operating rate statistics by province by month
Unit: %
