• 4 minutes Europeans and Americans are beginning to see the results of depending on renewables.
  • 7 minutes Is China Rising or Falling? Has it Enraged the World and Lost its Way? How is their Economy Doing?
  • 13 minutes NordStream2
  • 2 hours Monday 9/13 - "High Natural Gas Prices Today Will Send U.S. Production Soaring Next Year" by Irina Slav
  • 1 hour California to ban gasoline for lawn mowers, chain saws, leaf blowers, off road equipment, etc.
  • 11 mins GREEN NEW DEAL = BLIZZARD OF LIES
  • 2 hours "Here is The Hidden $150 Trillion Agenda Behind The "Crusade" Against Climate Change" - Zero Hedge re: Bank of America REPORT
  • 4 days "A Very Predictable Global Energy Crisis" by Irina Slav --- MUST READ
  • 2 days U.S. : Employers Can Buy Retirement Security for $2.64 an Hour
  • 2 days Nord Stream - US/German consultations
  • 4 days An Indian Opinion on What is Going on in China
  • 408 days Class Act: Bet You've Never Seen A President Do This.
  • 4 days Can Technology Keep Coal Plants Alive and Well?
  • 2 days Australia sues Neoen for lack of power from its Tesla battery
  • 1 day Forecasts for Natural Gas
  • 4 days Storage of gas cylinders
  • 5 days Two Good and Plausible Ideas about Saving Water and Redirecting it to Where it is Needed.
Libya's Election Is All About Oil Money

Libya's Election Is All About Oil Money

The looming election in Libya…

Will Saudi Arabia Ditch The U.S. For Russia And China?

Will Saudi Arabia Ditch The U.S. For Russia And China?

Russia’s suggestion to Saudi Arabia…

Global Copper Output On The Rise As Prices Soar

Global copper mine production picked up by 4.9% during the first half of the year, the International Copper Study Group said this week.

Copper production gains

Broken down further, concentrate production rose by 6.4% during the six-month period. Meanwhile, solvent extraction-electrowinning fell by 1.5%.

Chile, the world’s top copper producer, saw its copper production fall 1.2% during the first half of the year.

Meanwhile, Peru, the second-biggest copper producer, saw its output bounce back by 14% year over year. However, its half-year output remained down 9% from H1 2019 levels.

As a result of rising output at the Grasberg mine, Indonesia’s output rose by 69% year over year.

Refined production up 3.2%

Meanwhile, on the refined side of the picture, production rose by 3.2% year over year, the ICSG reported.

“The COVID-19 related global lockdown has had a notable negative impact on the world economy and subsequently on key copper end-use sectors in all regions ex-China,” the ICSG noted. “Although usage started to recover in the 2nd half of 2020, global demand remains below pre-pandemic levels in most countries.”

Chinese apparent copper usage rose by 1.5% in H1 2021, the ICSG said.

Chinese copper imports

China imported 424,280 tons of unwrought copper and copper products in July, the General Administration of Customs reported.

The total marked a decline from 428,437 tons in June.

Through the first seven months of the year, China imported 3.22 million tons of unwrought copper and copper products. The total marked a 10.6% decline from the first seven months of 2020.

However, market watchers are monitoring the economic climate in China, particularly amid concerns over the collapse of indebted Chinese real estate developer Evergrande.

Markets slumped Wednesday amid the news; however, it remains to be seen how Beijing will address the crisis.

The S&P 500 fell 1.7% on Wednesday, while the Dow Jones Industrial Average fell 1.78% and the FTSE 100 fell 0.86%.

As the largest consumer of copper, a slowdown in the Chinese economy would be massively depressive for copper prices, just as Chinese copper demand fueled the metal’s price rises throughout 2020.

Copper ups and downs

Copper prices have had a topsy-turvy month or so, plunging to around $8,780 per metric ton Aug. 21.

However, the LME three-month price recovered, rising to $9,640 per metric ton as of Sept. 13.

In the last week, though, the price has come back down, closing last week at $9,457 per metric ton.

As readers of the MetalMiner Monthly Metal Outlook (MMO) know, the Caixin China General Manufacturing PMI fell to 49.2 in in August. The August PMI marked the first contraction in Chinese factory activity since April 2020.

By AG Metal Miner 

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage



Leave a comment

Leave a comment

EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
Sell 57.00
Oilprice - The No. 1 Source for Oil & Energy News