GLOBAL copper demand is forecast to drop to 22.625mt this year, but bounce back 4.4pc to 23.625mt in 2021.
According to the International Wrought Copper Council, 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 20.46mt,” the Council said.
“In 2020, mine output is expected to decrease by 4pc to 19.65mt.
“For 2021, an increase in copper mine production of 6.7pc is forecast. Refined copper production in 2019 was 23.47 million tonnes.
“For 2020, refined copper production is forecast to be 22.91mt and might be 24.30mt in 2021.”
The IWCC warned that forecasting is more difficult in the current period of economic uncertainty.
It said the economic disruption and its impact on the copper industry had resulted in greater uncertainty in the factors affecting the supply and demand for the metal.