World Copper Market Recorded Minor Surplus in Jan-Sep ‘17

SEATTLE (Scrap Monster):  The worldwide Copper market recorded tiny surplus during the initial nine-month period of 2017. The latest Metals Balances Report released by the World Bureau of Metal Statistics (WBMS) also indicates that Nickel markets continued to remain in modest deficit during this period.

Copper

The global copper market turned from deficit to marginal surplus during the month of September this year. The market recorded tiny surplus of 20 kt during the first three quarters of the year. It must be noted that the market had ended in deficit of 32 kt as on end-August. Also, the market had recorded deficit of 102 kt during the whole year 2016.

The copper mine production during the initial nine months of the current year totaled 15.05 million tonnes (Mt), marginally down by 0.5% when matched with the corresponding nine months in 2016. Meantime, global refined copper output increased marginally by 1.3% over the previous year to 17.64 million tonnes. The Chinese refined copper output surged higher by 385 kt during this period, whereas the output by Chile declined by 189 kt.

The global copper demand during the first nine months of 2017 totaled 17.62 million tonnes, slightly lower when compared with 17.66 million tonnes during the same period in 2016. The Chinese apparent consumption totaled 8.757 million tonnes, marginally higher by 19 kt when compared with the corresponding nine-month period in 2016. The Chinese demand accounted for just below 50% of the global demand. Also, EU-28 apparent consumption has increased slightly by 1.3% to 2,605 kt when compared with Jan-September ’16 levels.

According to the WBMS report, reported stocks of the metal rose by 40,000 tonnes during the initial nine-month period of the year when compared with 2016 closing. However, the reported stocks dropped marginally during the month of September this year.

The refined copper output in September 2017 alone was 2,011.5 kt, whereas consumption during the month totaled 2,035.2 kt.

Nickel

Global nickel market ended in deficit of 46,600 tonnes during Jan-September ‘17. The calculated full year deficit had totaled 68.2 kt during the whole of 2016, according to WBMS. The reported metal stockpiles maintained by LME edged higher by 12.4 kt upon comparison with the closing levels of 2016.

The World Nickel mine production has increased by 47 kt over the previous year to total 1,448.1 kt in Jan-September ’17. Refined Nickel production totaled 1,329.2 kt. The Chinese smelter/refinery production during the nine-month period has declined slightly by 24 kt when compared to 2016. Meantime, apparent demand dropped significantly by 153 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 169.3 kt, whereas the consumption totaled only 175.1 kt during September 2017.