WBMS Metal Balances Report Points to Copper Surplus in Jan-Apr '19

SEATTLE (Scrap Monster): The copper market recorded modest surplus during the initial four-month period of the current year. The copper market surplus totaled 43 kt during this period. This is in accordance with the latest statistics published by the World Bureau of Metal Statistics (WBMS). It must be noted that the world copper market had recorded a deficit of 19 kt during the whole of 2018.

The world copper mine production totaled 6.63 million tonnes during Jan-Apr ’19. This was marginally lower by nearly 1% when compared with the corresponding four-month period in 2018. The refined copper production too saw notable decline by 4.9% during January to April in 2019 to total 7.41 million tonnes. The production recorded significant decline in India and Chile. The Indian output declined significantly by 99 kt over the previous year, whereas the production by Chile too was down by 106 kt. Meanwhile, the EU-28 production dropped marginally by 0.2%, WBMS report said.

The global consumption dropped marginally by almost 4.3% from 7.69 million tonnes in Jan-Apr ’18 to 7.36 million tonnes during the similar four-month period this year. The Chinese apparent demand during this period recorded notable decline by 3.5% to total 3.694 million tonnes. The EU demand at 1.103 million tonnes too was down modestly by 3.1% over the previous year.

The reported copper stocks increased in Apr ’19 to close at a level higher of 137 kt, when compared with the levels as at end-2018. LME and Shanghai warehouses reported net deliveries of 94 kt and 101 kt respectively.

The monthly refined copper production totaled 1,908.6 kt in April 2019, whereas the consumption touched 2,008.1 kt.