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Global Copper market reports a surplus during Jan-May

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LONDON (Scrap Register): Global refined copper balance for the first five months of 2017 has indicated a surplus of around 15,000 tons, according to the latest figures released by the International Copper Study Group (ICSG).

This is mainly due to the decline in Chinese apparent demand (China currently represents around 48% of the world copper refined usage).

In developing its global market balance, ICSG uses an apparent demand calculation for China that does not take into account changes in unreported stocks [State Reserve Bureau (SRB), producer, consumer, merchant/trader, bonded].

To facilitate global  market  analysis,  however,  an  additional   line  item—Refined  World  Balance  Adjusted  for  Chinese  Bonded  Stock  Changes—is   included  in  the  table  below  that  adjusts  the  world  refined   copper  balance  based  on  an  average  estimate  of  changes  in   unreported inventories provided by three consultants with expertise in China’s copper market.

In  the  first  five months  of  2017,  the   world  refined  copper   balance  adjusted  for  changes  in Chinese  bonded stocks  indicates  a   surplus of around 115,000 t.

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