LONDON (Scrap Monster): China's apparent copper consumption rose by 648 kilo tons to 2318 kilo tons in the first quarter of this year which is just over 45% of global demand, according to the latest data released by World Bureau of Metal Statistics (WBMS).
The global copper consumption reached 5103 kilo tons in the first three months of this year, the figure for the 2011 calendar year was 19470 kilo tons, WBMS added.
According to WBMS, global copper mine production in January to March was 4.04 million tons which was 3.2% higher than in the same period in 2011.
Global refined production rose to 4.95 million tons up by 3% year-on-year with significant increases recorded for Spain, Iran and India.
--Refined copper production in Spain advanced by 12.5 kilo tons in Q1
--Refined copper production in Iran up by 9.3kilo tons in Q1
--Refined copper production in India rose by 12.5kilo tons in Q1
--Refined copper production in Chile fell by 27 kilo tons in Q1
The refined copper production was 1680.4 kilo tons in March 2012 and consumption was 1722.3 kilo tons.
WBMS also stated that, the copper market recorded a deficit of 157 kilo tons in January to March 2012 which follows with a surplus of 320 kilo tons in the whole of 2011.
Copper stocks fell by 36 kilo tons during March and ended the month 3.2 kilo tons lower than at the end of 2011. No allowance is made in the consumption calculation for unreported stock changes, particularly in the Chinese government stockpile, WBMS concluded.
The WBMS is the data resource of first resort for anyone involved with the global metals industry. It publishes a wide range of historical data on the production, consumption and external trade of metals.
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