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Copper July 23, 2018 10:30:25 AM

World Copper Market Recorded Surplus During Jan-Apr '18

Paul Ploumis
ScrapMonster Author
The world copper market reported a surplus of around 60,000 tonnes during the initial four months of 2018.

World Copper Market Recorded Surplus During Jan-Apr '18

SEATTLE (Scrap Monster): The International Copper Study Group (ICSG) announced publication of July 2018 Copper Bulletin which covers preliminary copper supply and demand data for the month of April this year.

According to ICSG, world copper mine production surged higher by 6.1% in the first four months of the current year. The concentrate output was up by 6%, whereas the SX-EW production edged higher by 6.5%. Chile- the world’s largest producing country reported significant jump in production over the previous year by 15.5%, mainly on account of improved production levels at Codelco mines. Indonesian output has skyrocketed by almost 50% on account of constrained output during the comparative period last year. The other regions to report increased mine output were the Democratic Republic of Congo (DRC) and Zambia. The growth in mine output was partially offset by production declines in Canada and the US, whose production reported 10% and 11% decline respectively.

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Meantime, the refined copper production increased marginally by 1.5% in the initial four-month period in 2018, mainly on the back of 7% jump in secondary production from scrap. The primary production too was up marginally by 0.5%. The continued expansion of capacity led to increased refined copper output from China. Indonesia and Japan too reported substantially higher production levels. However, the overall growth was partially offset by declines in India, Peru, Poland and the U.S.

World apparent refined copper usage has increased marginally by 1% in Jan-Apr ’18. The Chinese apparent usage was up by 3% during this period. The consumption by world countries excluding China has declined by 1.5%. The usage increased in India and the EU, whereas it declined in Japan, the U.S. and South Korea.

The world copper market reported a surplus of around 60,000 tonnes during the initial four months of 2018. The global copper output had surged 7.1% in Q1 this year.

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