The global copper market recorded a 447,000mt deficit in the first eight months of the year compared to a full-year deficit of 383,000mt in 2019, according to the World Bureau of Metal Statistics (WBMS). 

 

The nickel market recorded a surplus, with production exceeding demand by 45,000mt in the Jan-Aug period compared to a full-year deficit of 27,600mt in 2019, WBMS reported.

 

COPPER MARKET

Global refined copper production in August was 2mn mt, while demand was 2.1mn mt, WBMS reported. 

 

Global copper mine production through the first eight months of 2020 dropped by 0.5pc to 13.54mn mt, however, global refined copper output rose by 3.6pc to 15.8mn mt over the same period in 2019. The increase was driven by China and Chile, which saw increases of 623,000mt and 101,000mt, respectively. 

 

Global copper demand in the in the first eight months of the year rose to 16.2mn mt from 15.5mn mt in 2019. China again saw a 17.5pc rise in demand to 9,400mn mt, while the EU recorded a production decline of 0.2pc, which led to demand falling by 172,000mt in Jan-Aug from the same period in 2019. 

 

NICKEL MARKET

Global nickel refinery and smelter production in August was 195,600 mt and demand was 189,100mt, WBMS reported.

 

Global nickel mine production decreased by 211,000mt to 1.43mn mt in the first eight months of the year compared to the same period in 2019. In the eight-month period, Chinese smelter and refinery production declined by 90,000mt, while the demand was 763,600mt, declining by 55,000mt drop from a year earlier. Refined nickel output in the Jan-Aug period totaled 1.47mn mt, while refined nickel demand was 1.43mn mt. 

 

From a demand standpoint, global nickel demand dropped by 146,000mt in the first eight months of the year compared to the same period 2019. 

 

WBMS has calculated this report on an apparent basis, with COVID-19 disrupting global metal supply and demand. It expects the true supply and demand scenario from most countries to emerge in a few months.

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