IWCC revises global copper demand forecast for this year and next
2020-10-23 15:30:56 [Print]
IWCC revised its copper demand forecast for this year and next on Thursday, as consumption recovers from the epidemic, but it is still expected that 2020 will be the first year in which annual demand decreases in more than a decade.
IWCC predicts that this year's refined copper demand would be 22.9 million tons, a decrease of 4.6% from the previous year, and all regions would see a decline.
IWCC's president Mark Loveitt said in a webinar that under the global crisis, this will be the first decline in refined copper demand since the 2009 financial crisis. However, Loveitt pointed out that the latest forecast is nearly 300,000t higher than IWCC's estimate in May.
IWCC expects a 5% recovery in demand in 2021, higher than the previous estimate of 4.4%.
According to IWCC, China's demand for refined copper may decrease by 0.4% this year, but it will increase by 4.5% next year.
IWCC predicts that this year's refined copper demand would be 22.9 million tons, a decrease of 4.6% from the previous year, and all regions would see a decline.
IWCC's president Mark Loveitt said in a webinar that under the global crisis, this will be the first decline in refined copper demand since the 2009 financial crisis. However, Loveitt pointed out that the latest forecast is nearly 300,000t higher than IWCC's estimate in May.
IWCC expects a 5% recovery in demand in 2021, higher than the previous estimate of 4.4%.
According to IWCC, China's demand for refined copper may decrease by 0.4% this year, but it will increase by 4.5% next year.
Copper Conc. 20%min Delivered China
Unit:RMB/mt Cu
China copper concentrate producers' sales volume statistics by province by month
Unit: mt
