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Copper January 19, 2018 09:00:59 AM

World Copper Market Slipped to Marginal Deficit in Jan-Nov ‘17

Paul Ploumis
ScrapMonster Author
The global copper demand during the first eleven months of 2017 totaled 21.69 million tonnes, slightly higher when compared with 21.52 million tonnes during the same period in 2016.

World Copper Market Slipped to Marginal Deficit in Jan-Nov ‘17

SEATTLE (Scrap Monster):  The worldwide Copper market switched to marginal deficit during the initial eleven months of 2017, says the latest Metals Balances Report released by the World Bureau of Metal Statistics (WBMS). Also, Nickel market recorded minor deficit during this period.

Copper

The global copper market recorded marginal deficit during the initial eleven months of 2017. The market deficit during this period totaled 118.7 kt. It must be noted that the red metal market had recorded a deficit of nearly 102 kt during the whole year 216.

The mine production during the opening eleven months of 2017 totaled 18.6 million tonnes, recording marginal decline of just over 2% upon comparison with the corresponding period in 2016. The refined copper mine production had totaled around 19 million tonnes during Jan-Nov ’16. The global refined production edged higher marginally by 1.3% over the previous year to total 21.57 million tonnes. This was mainly on the back of production gains in China. The Chinese refined output surged higher by 500 kt. On the other hand, rise in Chinese production was partially offset by a decline of nearly 182 kt in Chile.

ALSO READ: Refined Copper Mine Output Dropped Marginally in Jan-Sep '17

The global copper demand during the first eleven months of 2017 totaled 21.69 million tonnes, slightly higher when compared with 21.52 million tonnes during the same period in 2016. The Chinese apparent consumption rose by 187 kt to total 10.780 million tonnes. China accounted for just under 50% of the world-wide demand during Jan-Nov ’17. Also, EU-28 apparent consumption has dropped marginally by 1.8% to 3.081 kt when compared with the levels reported during the first eleven-month period in 2016.

According to the WBMS report, reported stocks of the metal declined during the month of November 2017 to close at around 57,000 tonnes lower than the end-December 2016 levels. In November 2017 alone, the refined copper production totaled 2.003 million tonnes. Also, the monthly consumption totaled 2.023 million tonnes.

Nickel

The Nickel market deficit at the end of November last year totaled 63.6 kt, marginally lower when compared with the calculated deficit of 68.2 kt during the whole year 2016. The World Nickel mine production has increased by 116 kt over the previous year to total 1,734.9 kt in Jan-Nov ’17. Refined Nickel production totaled 1,674.6 kt, whereas the demand totaled 1,738.3 kt. The reported metal stockpiles maintained by LME edged higher by 8 kt upon comparison with the closing levels of 2016.

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