Copper demand across the world rose to 5.91mn mt in Q1 2021 from 5.71mn mt during the same quarter last year, led by increasing demand in China, according to the latest World Bureau of Metal Statistics (WBMS) data.
Demand for the red metal in China grew by 11.6pc to 3.19mn mt during the first quarter annually, WBMS indicated on May 19.
Copper production also increased during the first quarter, with global copper mine output increasing by 2.3pc to 5.16mn mt compared to Q1 2020 and refined copper production rose by 2pc to 5.91mn mt during the same period under review. WBMS noted that production of refined copper increased to 199,000mt in China and was up 33,000mt in India during the first quarter.
As a result of production being higher than demand in Q1 2021, the global copper market was 2,200mt in surplus in the first quarter compared to a deficit of 954,000mt at the end of 2020.