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The IWCC provides demand forecasts twice a year in spring and autumn.
The October forecast for 2020 is the first demand decline in years although it is 300,000t higher than the May forecast. All regions are in negative territory, including China, Loveitt said.
Copper consumption in 2019 totalled 29.5Mt, of which 28Mt were semi-finished products such as wire, and 1.5Mt of castings and copper powder. Last year saw 24Mt of refined copper production with the remaining 5.6Mt representing volumes of copper scrap.
The IWCC forecasts a 5% increase in copper demand in 2021 to 24.1Mt although "at best, demand next year might only equal that of 2019," Loveitt said.
"Much depends on the continued impact of the pandemic."
