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Copper February 22, 2019 03:30:49 PM

ICSG Bulletin Points to Marginal Uptick in Refined Copper Output

Paul Ploumis
ScrapMonster Author
The world apparent usage of refined copper edged higher by 2.2% year-on-year through November last year.

ICSG Bulletin Points to Marginal Uptick in Refined Copper Output

SEATTLE (Scrap Monster): The International Copper Study Group (ICSG) announced publication of its February 2019 Copper Bulletin, which outlines preliminary copper supply and demand data for the month of November 2018. The trade body indicates nominal jump in refined copper production during the first eleven months of 2018.

In accordance with ICSG data, world refined production is estimated to have increased by 1.5% during Jan-Nov ’18. The primary production increased by around 2%, whereas the secondary production remained more or less unchanged over the prior year.

The primary contributor to refined output growth was China, which continued to expand its capacity. The DRC, Zambia and Japan too reported increased production during the first eleven months of the previous year. The output by Chile rose marginally by 2% over 2017, mainly due to lower output in 2017 on account of a series of smelter shutdowns. On the other hand, shutdown of Vedanta’s smelter operation in southern India led to 34% output decline in the country. The U.S., Poland, Australia and the Philippines also reported production declines during the ten-month period.

The world mine production has increased by around 2.4%. Chile’s production was up by 6%. The Indonesian output surged higher by 11% over the previous year. Meantime, the U.S. and Canadian mine output declined by 3.8% and 11% respectively.

The world apparent usage of refined copper edged higher by 2.2% year-on-year through November last year, mainly driven by 7% surge in Chinese apparent usage. The demand increased in the U.S., India, and Japan. On the other hand, refined usage registered decline in Taiwan and Indonesia, ICSG data said.

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