Copper demand to fall 5.4% in 2020

Beckett Bronze produces cast bronze precision-machined parts and continuous cast bars. Castings are manufactured at the East 20th Street plant. The West 23rd Street plant produces finished machined parts and has about 75 machine tools including CNC lathes.
(Kitco News) – Global copper demand is forecast to drop 5.4% to 22.625 million tonnes, said the International Wrought Copper Council today.

In 2021 copper demand is expected to bounce back 4.4% to 23.625 million tonnes.

The supply side also shows a 2020 drop followed by a strong rebound in 2021.

“Using publicly available information and input from the International Copper Study Group (ICSG), the supply side data shows that in 2019 copper mine production was 20.46 million tonnes. In 2020, mine output is expected to decrease by 4.0% to 19.65 million tonnes. For 2021, an increase in copper mine production of 6.7% is forecast. Refined copper production in 2019 was 23.47 million tonnes. For 2020, refined copper production is forecast to be 22.91 million tonnes and might be 24.30 million tonnes in 2021,” writes IWCC.

The group warned that forecasting is more difficult in the current period of economic uncertainty.

“The economic disruption and its impact on the copper industry has resulted in greater uncertainty in the factors affecting the supply and demand for copper.”

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