Copper market posts a surplus of 124,000 ton during Jan-Sept
LONDON (Scrap Register): Global copper market has posted a surplus of 124,000 tons during January to September of this year, as per the latest figures from the World Bureau of Metal Statistics. The global copper market has reported a surplus of 302,000 tons for the full year 2015.
The global mine production during the period from January to September 255this year totaled 15.15 million tons. The mine production has grown by 6.6% when matched with the corresponding nine-month period in 2015.
Meantime, global refined copper output jumped higher by 4.3% over the previous year to 17.67 million tons. Chinese refined copper output reported significant increase of 466,000 tons during this period. Also, refined copper production was up sharply by 16,000 tons in Chile during the nine-month period.
The global copper demand during Jan-Sep ’16 stood at 17.55 million tons, significantly higher when compared with 16.67 million tons during the same period in 2015. The Chinese apparent consumption increased by 571,000 tons during this period to total 8.672 million tons. The Chinese demand accounted for just over 49% of the global demand. Also, EU-28 apparent consumption increased modestly by 2.8% from Jan-Sep ’15 levels to 2.581 million tons.
According to the report, reported stocks of the metal stood higher by 69,000 tons during the initial nine-month period of the year when compared with 2015 closing. The stocks rose fractionally during the month of September this year.
The refined copper output during the month of September this year alone was 2,012.4 kt, whereas consumption during the month totaled 2,001.9 kt.