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Nickel September 22, 2017 12:30:57 PM

World Copper, Nickel Markets In Deficits During Jan-July '17

Paul Ploumis
ScrapMonster Author
The global copper mine production during the seven-month period totaled 11.9 million tonnes.

World Copper, Nickel Markets In Deficits During Jan-July '17

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

Copper

The global copper market has recorded a deficit of 191 kt during January to July this year. This follows a deficit of 101 kt recorded during the whole of 2016.

The global mine production during the seven-month period totaled 11.9 million tonnes. The mine production has registered marginal increase of 0.1% when compared with the corresponding seven-month period last year. Also, global refined copper output registered slight jump of 1.2% over the previous year to 13.6 million tonnes. The refined copper output by China increased significantly by 348 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 168 kt during this period.

The global copper demand during the first seven months of 2017 totaled 13.79 million tonnes, slightly higher when compared with 13.77 million tonnes during the same period in 2016. The Chinese apparent consumption totaled 6.737 million tonnes, down by 76 kt when compared with the corresponding seven-month period in 2016. The Chinese demand accounted for just under 49% of the global demand. Also, EU-28 apparent consumption dropped marginally 0.5% from Jan-July ’16 levels to 2,049.0 kt.

According to the WBMS report, reported stocks of the metal rose by 93,000 tonnes during the initial seven-month period of the year when compared with 2016 closing. Also, the reported stocks increased marginally during the month of July this year.

The refined copper output in July 2017 alone was 1,959.6 kt, whereas consumption during the month totaled 2,044.5 kt.

Nickel

Global nickel market ended in deficit of 35,900 tonnes during Jan-July ‘17. The calculated full year deficit had stood at 68 kt during the whole of 2016, according to WBMS. The reported metal stockpiles maintained by LME were 0.90 kt higher upon comparison with the closing levels of 2016.

The World Nickel mine production has declined by 14 kt over the previous year to total 899 kt in Jan-July ’17. Refined Nickel production totaled 1,068 kt. The Chinese smelter/refinery production during the seven-month period witnessed decline of 27.0 kt compared to 2016. Meantime, apparent demand edged lower by 152 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 1558.6 kt in July 2017.

The monthly Nickel Smelter/refinery production totaled 158.6 kt, whereas the consumption totaled only 153.2 kt during July.

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