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As on Oct 22, 2020 12:00 AM Your results on : Pre Session    
Base Metals Preview: Copper Extends Gains
22-Oct-2020 (09:03)

COMEX Copper hit 28 month high of $3.21 per pound yesterday before pulling back on slippery undertone in US equities. World Bureau Of Metal Statistics (WBMS) reported that the copper market recorded a deficit of 447 kt in January to August 2020 which follows a deficit of 383 kt in the whole of 2019. Reported stocks at the end of August 2020 were 37 kt higher than at the end of December 2019. This increase includes net deliveries of 57 kt out of LME warehouses and Comex stocks rose by 41.9 kt.

World mine production in January to August 2020 was 13.54 million tonnes which was 0.5 per cent lower than in the same period in 2019. Global refined production for January to August 2020 was 15.8 million tonnes up 3.6 per cent compared with the previous year with significant increases recorded in China (up 623 kt) and in Chile (up 101 kt).

Global demand for January to August 2020 was 16.2 million tonnes compared with 15.5 million tonnes for the same months of 2019. Chinese apparent demand for the period January to August 2020 was 9.4 kt which was 17.5 per cent higher than the first eight months of 2019. EU28 production rose by 0.2 per cent and demand was 172 kt lower than the comparable 2019 total.

In August 2020, refined copper production was 2020.4 kt and demand was 2157.2 kt.

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