Editor’s Note: With so much market volatility, stay on top of daily news! Get caught up in minutes with our speedy summary of today’s must-read news and expert opinions. Sign up here!
(Wallace Refiners) – According to the preliminary data released by the U.S. Geological Survey (USGS), estimated global mine production of copper was 20 million tonnes in 2020, or 2% less than in 2019 (20.4 million tons).
USGS said that global copper output declined slightly over previous year primarily due to COVID-19 lockdowns in April and May. These disruptions significantly affected output in Peru, the second-ranked mine producer of copper, where production through July 2020 fell by nearly 250,000 tonnes (23%) from that in the same period of 2019.
USGS added that global refined copper production increased slightly to an estimated 25 million tonnes in 2020 from 24.5 million tonnes in 2019, when output in multiple countries was affected by temporary smelter shutdowns for maintenance and upgrades.
Global copper production, 2010-2020, ktonnes. 2020* – preliminary data. Source: USGS.
Global mine copper production was hovering around 20 million tonnes level over the last five years and this fact raising concerns of sustainable supplies of primary copper for the variety of industries.
Disclaimer: The views expressed in this article are those of the author and may not reflect those of Wallace Precious Metals The author has made every effort to ensure accuracy of information provided; however, neither Wallace Precious Metals nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Wallace Precious Metals and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.