Copper market records a surplus of 148 kt during Jan-Mar 2017
LONDON (Scrap Register): The copper market recorded a surplus of 148 kilo ton during January to March this year which follows a surplus of 199 kt in the whole of 2016, according to the latest data released by the World Bureau of Metal Statistics.
Reported stocks rose during March and closed 193 kt higher than at the end of December 2016. No allowance is made in the consumption calculation for unreported stock changes, particularly in the Chinese government stockpile.
World mine production in January to March 2017 was 4.97 million tonnes which was 2.2 per cent higher than in the same period in 2016. Global refined production for January to March 2017 was 5.76 million tonnes down 0.1 per cent compared with the previous year with a significant increase recorded in China (up 146 kt) and a reduction in Chile (down 123 kt).
Global consumption for January to March 2017 was 5.61 million tonnes compared with 5.70 million tonnes for the same months of 2016. Chinese apparent consumption in January to March 2017 fell by 180 kt to 2671 kt compared to the same months of 2016 and represented just under 48 per cent of global demand. EU28 production fell by 0.2 per cent and demand was 834.6 kt, 4.7 per cent below the January to March 2016 total.
In March 2017, refined copper production was 1957.8 kt and consumption was 1987.3 kt.