The global copper market recorded a 1.39mn mt deficit in 2020 compared to a full-year deficit of 383,000mt in 2019, according to World Bureau of Metal Statistic (WBMS). The nickel market however, recorded a surplus with production exceeding demand by 53,200mt last year compared to a full-year deficit of 27,600mt in 2019, WBMS reported.
Global refined copper production in December 2020 was 2.18mn mt while demand was 2.27mn mt. Mine production in 2020 was unchanged at 20.79mn mt compared to 2019, while the global refined copper output was up by 2pc to 23.94mn mt from the same period in 2019. This rise was recorded largely in China and Chile – up by 1mn mt and 60,000mt respectively.
Global demand rose last year to 25.33mn mt compared to 23.86mn mt in the prior year. China saw a 17.1pc rise in demand to 14.99mn mt. In the EU production improved by 3.5pc while demand was 155,000mt lower in 2020 compared to 2019.
Global nickel refinery and smelter production in December 2020 was 216,700 mt while demand was 220,300mt, WBMS reported. Nickel demand dropped by 66,000mt last year compared to 2019
Mine production decreased by 321,000mt to 2.27mn mt in 2020 compared to the same period in 2019. Last year, Chinese smelter production was down by 124,000mt while demand in the region increased by 5,000mt to 1.3mn mt. Refined nickel output in 2020 totaled to 2.41mn mt while refined nickel demand was 2.36mn mt.