NEW YORK (Scrap Register): The copper market recorded a deficit of 65 kilo tons during the first five months of this year, which follows a deficit of 69 kilo tons in the whole of 2016, according to the latest figures released by the World Bureau of Metal Statistics.
Reported copper stocks rose during May and closed 125 kilo tons 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.
Global copper mine production in January to May 2017 was 8.3 million tons which was 0.7 per cent lower than in the same period in 2016.
Global refined copper production for January to May 2017 was 9.61 million tons up 0.4 per cent compared with the previous year with a significant increase recorded in China (up 241 kilo tons) and a reduction in Chile (down 150 kilo tons).
Global copper consumption for January to May 2017 was 9.68 million tons compared with 9.83 million tons for the same months of 2016.
Chinese apparent copper consumption in January to May 2017 fell by 253 kilo tons to 4665 kilo tons compared to the same months of 2016 and represented just over 48 per cent of global demand.
EU28 copper production rose by 4.4 per cent and demand was 1408, 4.7 per cent below the January to May 2016 total.
In May 2017, refined copper production was 1962.5 kilo tons and consumption was 2025.5 kilo tons.