Scrap Monster
Vulcan
Vulcan
Copper May 23, 2019 03:30:00 PM

World Copper Market Recorded Surplus of 241kt in Q1 2019

Paul Ploumis
ScrapMonster Author
The reported stock of the metal rose during the first three months of the year, and closed at a level 115kt higher than the year-end level in 2018.
World Copper Market Recorded Surplus of 241kt in Q1 2019

SEATTLE (Scrap Monster): The trade data released by the World Bureau of Metal Statistics (WBMS) suggests modest surplus for copper market during the initial three-month period of the current year. The global copper market recorded surplus of 241.0kt during this period. This follows a surplus of 43.0kt recorded during the whole year 2018.

The reported stock of the metal rose during the first three months of the year, and closed at a level 115kt higher than the year-end level in 2018. The LME warehouses reported net deliveries of 36kt, whereas net deliveries of 143kt were recorded into Shanghai warehouses.

The world copper mine production totaled 4.99 million tonnes during Jan-Mar ‘19, marginally lower by 0.6% when compared with the corresponding period in 2018. The global refined copper output too recorded marginal decline over the previous year. The refined production totaled 5.29 million tonnes, down by 6.5% when compared with the production during January to March in 2018. The refined production recorded notable decline in India and Chile.

The global copper consumption edged lower by almost 8% from 5.72 million tonnes in Jan-Mar ’18 to 5.29 million tonnes during the corresponding three-month period in 2019. The Chinese apparent demand declined by nearly 6% to total 2.653 million tonnes during the initial quarter of 2019. The EU demand too was down by nearly 10% at 765kt, upon comparison with Jan-Mar ’18.

The monthly refined copper production totaled 1,893.8kt in March this year, whereas the consumption totaled 1,800.0kt.