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Nickel July 21, 2017 01:30:49 PM

WBMS Metals Balances Report: Copper, Nickel markets ended in deeper deficits

Waste Advantage
ScrapMonster Author
The refined copper output by China increased significantly by 241 kt during Jan-May '17. On the other hand, the increased output from China was partially offset by a reduction in output by Chile.

WBMS Metals Balances Report: Copper, Nickel markets ended in deeper deficits

SEATTLE (Scrap Monster):  The latest Metals Balances Report released by the World Bureau of Metal Statistics (WBMS) indicates that worldwide Copper and Nickel markets have ended in deeper deficits during the initial five-month period of the current year.

Copper

The global copper market has recorded a deficit of 65 kt during January to May this year. This follows a deficit of 69 kt recorded during the whole of 2016.

The global mine production during the five-month period totaled 8.3 million tonnes. The mine production has declined marginally by 0.7% when compared with the corresponding five-month period last year. Also, global refined copper output registered nominal increase by 0.4% over the previous year to 9.61 million tonnes. The refined copper output by China increased significantly by 241 kt during this period. On the other hand, the increased output from China was partially offset by a reduction in output by Chile. The Chilean refined copper output declined by 150 kt during this period.

The global copper demand during Jan-May ’17 totaled 9.68 million tonnes, slightly lower when compared with 9.83 million tonnes during the same period in 2016. The Chinese apparent consumption totaled 4.665 million tonnes, down by 253 kt when compared with the corresponding five-month period in 2016. The Chinese demand accounted for just over 48% of the global demand. Also, EU-28 apparent consumption declined by 4.7% from Jan-May ’16 levels to 1,408.0 kt.

According to the report, reported stocks of the metal rose by 125,000 tonnes during the initial five-month period of the year when compared with 2016 closing. The reported stocks increased during the month of May.

The refined copper output during the month of May this year alone was 1,962.5 kt, whereas consumption during the month totaled 2,025.5 kt.

Nickel

Global nickel market ended in deficit of 54,300 tonnes during Jan-May ‘17. The calculated full year deficit had stood at 62 kt during the whole of 2016, according to WBMS. The reported metal stockpiles maintained by LME were 12.9 kt higher when matched with the closing levels of 2016.

The World Nickel mine production has declined by 85 kt over the previous year to total 715 kt in Jan-May ’17. Refined Nickel production totaled 673.2 kt. The Chinese smelter/refinery production during the five-month period witnessed decline of 26.0 kt compared to 2016. Meantime, demand edged lower by 119 kt in comparison with the previous year, mainly on account of reduced imports of Nickel metal from Russia. The total smelter/refinery production of Nickel was 145.5 kt in May 2017.

The world apparent demand during the first five months in 2017 was down by 47.0 kt when matched with the year before. Nickel smelter consumption was 162.0 kt in May alone.

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