Global Copper market reports a surplus during Jan-May
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.