India's copper production drops over 10%, m-o-m, in June

India's copper cathode production drifted down by 11% to 41,000 tonnes (t) in June 2022 against 46,000 t in May, as per data maintained with SteelMint.

Production in H1CY'22 was recorded at 262,000 t, a significant increase of 18% against 222,676 t in H1CY'21. In June production surged 44% compared with June 2021.

Copper cathode production fell by 11% to 41,000 t in June on the back of lower copper ore production in May at 124,000 t against 224,000 t in April. However, copper ore production grew by a mammoth 121% in June.

The global market scenario wasn't supportive either and LME's three-month average prices witnessed a marginal decline of around 3.5% to $9,034.47/t in June from $9,357.8/t in May.

Electric vehicles (EVs) sales during H1CY'22 witnessed substantial growth in comparison with the same period in 2021. Copper usage in EVs plays a vital role in shaping demand for copper as this segment consumes a higher proportion compared to the traditional one.

Copper usage in the automobile sector, especially in EVs, is majorly contributed through internal combustion engines at 23 kg, hybrid electric vehicles (HEV) at 40 kg, plug-in hybrid electric vehicles (PHEV) at 60 kg, battery electric vehicles (BEV) at 83 kg, hybrid electric bus (Ebus HEV) at 89 kg, and battery-powered electric bus (Ebus BEV) at 224-369 kg (depending upon the size of the battery), as per data from the International Copper Association.