Brazil Export Volume by Product: Copper Cathodes data remains active status in CEIC and is reported by Special Secretariat for Foreign Trade and International Affairs. The data reached an all-time high of 19,795.173 kg th in Mar 1992 and a record low of 0.000 kg th in Feb 2019. Brazil Export Volume by Product: Copper Cathodes data is updated monthly, averaging 3,954.553 kg th from Jan 1989 to Jul 2020, with 376 observations. This records a decrease from the previous number of 4,598.686 kg th for Jun 2020. Delays in the vaccination program schedules in many countries, however, could still push the bulk of the recovery into the second half of 2021.1989 - 2020 | Monthly | kg th | Ministry of Development, Industry and Tradeīrazil Export Volume by Product: Copper Cathodes data was reported at 4,215.931 kg th in Jul 2020. Outside China, demand will ramp up as vaccinations roll out and stimulus packages continue to be implemented. Chinese GDP is forecasted to increase by 8.1% in 2021 and be one of the key drivers for the demand of copper. Industrial commodities such as copper should be supported from recovery in economic activity and from economic stimulus packages such as infrastructure spending and stimulus plans.Ĭhina's GDP grew by an estimated 2.3% in 2020, being one of the few nations to post growth and the primary driver of the copper price recovery following the March 2020 crash. IMF expects global economy to grow 5.5% in 2021 conditional to successful vaccination campaigns and policy support in few large economies. Shuttering of major economies in 2020 saw a -3.5% decrease in global GDP year over year according to International Monetary Fund (IMF). Multiple workers’ unions contract negotiations are expected to be taking place during this year with probability of potential strike actions in South America. Though, there is an expectation of recovery in global mine supply in the second half of 2021 and with that also an increase in spot Treatment Charges, supply disruptions are still possible. The tightness in the copper concentrate market is anticipated to persist in the first half of the year at least, putting the pressure on smelters. In early March, according to Fastmarkets, the average spot treatment charge for clean concentrate fell to 38 USD per ton, signaling no improvement in supply conditions since November 2020 when the annual benchmark charges for 2021 were set. In the early months of 2021, spot Treatment and Refining charges for copper have continued to decline and are at their lowest level since 2012. This is a strong indication of the concentrate market tightness. The annual copper smelter benchmark Treatment Charges fell to the lowest level since 2012 to 59.5 USD per ton for year 2021. Falling TCs are putting pressure on companies relying on external concentrate supplies. Treatment and Refining Charges (TC/RCs) are the fees paid to smelters by mines for converting copper concentrate to copper cathode and key revenue source for smelters. Thirdly, although there is no evidence of an impact on mine operations from COVID-19 related restrictions in South America, this could remain a restraining factor on the pace of production ramp-up.Īlthough supply tightness was supportive for copper prices, smelters profits at the same time were put under pressure. Secondly, strike action in Peru at the Las Bambas mine led MMG to halting operations in November 2020 to mid-January, Glencore suspended operations at Antapaccay in Peru because members of the local community blockaded the copper mine, and workers at Antofagasta’s Los Pelambres were involved in mediation process with the company. Firstly, Latin American mine supply has been restrained by weather-related logistical challenges in Chile affecting port operations in January. Export declines could be an indication of weak trend in production in the end of 2020 and other disruptions. Overall mined production in 2020 decreased by 4%, according to S&P Global.Īccording to Goldman Sachs, the latest export data in 2021 from Chile and Peru showed sharp year on year declines in overall cathode exports and particularly to exports to China. Flows of metals concentrates from South American producer nations (such as Chile and Peru) have been disrupted by COVID restrictions. One of the copper price drivers during 2020 was the supply disruptions.
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