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Nickel December 19, 2017 02:30:30 PM

World Copper Market Recorded Marginal Surplus in Jan-Oct ‘17

Paul Ploumis
ScrapMonster Author
The copper mine production during the first ten months of 2017 totaled 16.87 million tonnes (Mt), marginally lower by 0.2% upon comparison with the corresponding ten months in 2016.

World Copper Market Recorded Marginal Surplus in Jan-Oct ‘17

SEATTLE (Scrap Monster):  The worldwide Copper market recorded marginal surplus during the initial ten months of 2017. Also, world Nickel market continued to remain in modest deficit during Jan-Oct ’17, said the recent Metals Balances Report published by the World Bureau of Metal Statistics (WBMS).

Copper

The global copper market recorded marginal surplus during the initial ten-month period of the current year. The market surplus during this period totaled 5.7 kt. This is notably lower when compared with the surplus of 20 kt recorded during the end of the first nine months of the current year. It must be noted that the world copper market had ended in a deficit of 102 kt during the whole year 2016.

The copper mine production during the first ten months of 2017 totaled 16.87 million tonnes (Mt), marginally lower by 0.2% upon comparison with the corresponding ten months in 2016. Meantime, global refined copper output increased marginally by 0.7% over the previous year to 19.49 million tonnes. The Chinese refined copper output surged higher by 394 kt during this period, whereas the output by Chile declined by 180 kt.

The global copper demand during the first nine months of 2017 totaled 19.49 million tonnes, slightly lower when compared with 19.57 million tonnes during the same period in 2016. The Chinese apparent consumption rose marginally by 35 kt to total 9.682 million tonnes. China accounted for nearly 50% of the world-wide demand during Jan-Oct ’17. Also, EU-28 apparent consumption has dropped slightly by 0.7% to 2,848 kt when compared with the levels reported during Jan-Oct ’16.

According to the WBMS report, reported stocks of the metal rose during the month of October to close at around 57,000 tonnes higher during the initial ten-month period of the year, upon comparison with the end-December 2016 levels.

The refined copper output in October 2017 alone was 1,982.5 kt, whereas consumption during the month totaled 1,917.6 kt.

Nickel

The apparent demand for Nickel metal exceeded production during January to October in 2017, thereby resulting in market deficit of 49.9 kt. The deficit stood lower when compared with the calculated deficit of 68.2 kt during the whole of 2016. The reported metal stockpiles maintained by LME edged higher by 9.4 kt upon comparison with the closing levels of 2016. The nickel stockpiles in Asian countries reported increase during the period.

The World Nickel mine production has increased by 93 kt over the previous year to total 1,665.0 kt in Jan-October ’17. Refined Nickel production totaled 1,500.8 kt. The Chinese smelter/refinery production during the ten-month period has declined slightly by 12 kt when compared with the similar period in 2016. Meantime, Chinese apparent demand dropped significantly by 143 kt in comparison with the previous year, mainly on account of reduced imports of Nickel metal from Russia.

The monthly Nickel Smelter/refinery production totaled 169.7 kt, whereas the consumption totaled only 172.7 kt during October 2017.

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