Copper market records deficit of 279 kt in Jan-July: WBMS

BRUSSELS (Scrap Monster): The copper market recorded a deficit of 279 kilo tons in the first seven months of this year which follows a surplus of 253 kilo tons in the whole of 2011, said World Bureau of Metal Statistics (WBMS) in a research note.

Reported stocks rose by 4.7 kt during July and ended the month 118 kt lower than at the end of 2011. No allowance is made in the consumption calculation for unreported stock changes, particularly in the Chinese government stockpile, WBMS added.

According to the WBMS data, global mine production in January to July was 9.60 million tons which was 3.6% higher than in the same period in 2011. Global refined production rose to 11.66 million tonnes up 2.4 per cent with significant increases recorded for Spain (67.7 kt) and India (27.4 kt). Chilean output fell by 87.1 kt.

Global consumption for January to July 2012 was 11937.3 kt and the comparable figure for the 2011 calendar year was 19617 kt. Chinese apparent consumption in January to July 2012 rose by 974 kt to 5092 kt which represented just under 43 per cent of global demand. EU27 demand was, at 1866 kt, 7.8 per cent below the January to July 2011 total.

In July 2012, refined copper production was 1637.0 kt and consumption was 1658.1 kt.