According to the results of nine months of 2022, the deficit of copper in the world market increased to 736 thousand tons. For comparison, this figure reached only 285 thousand tons for the whole of 2021. This is stated in a recent report by the World Bureau of Metals Statistics (WBMS).
From January to September 2022, ore production reached 16 million tons. This is 1.2% more than in the same period in 2021. Refined copper production showed a similar increase: 18.5 million tons, up 1.2% year-on-year. At the same time, China and India showed the most significant increase in production: by 301 and 56 thousand tons, respectively.
As production grows, so does demand. Moreover, at a faster pace: from January to September 2022, it amounted to 19.25 million tons, which is 4.1% higher than in 2021. The level of apparent demand in China alone reached 10.71 million tons.
As a result of the energy transition, copper demand may triple by 2035, the Udokan copper telegram channel reports.