Global Copper market deficit at 75000 tons during the first half of 2017
NEW YORK (Scrap Register): During the first half of the current year, the global Copper deficit was seen to be 75000 tons, as per preliminary data the International Copper Study Group.
During the first half of the current year, the world mine production was seen to decline by about 2 percent to 9.663 million tons, with concentrate production declining around 1.7 percent and solvent extraction-electrowinning (SX-EW) down about 3.5 percent, as per ICSG.
"Preliminary data indicates that world ex-China usage might have remained essentially unchanged. However, China apparent usage (currently representing almost 50% of the world refined usage) declined by 4%,", ICSG quoted.
The drop in production in Chile was sited to be the main reason for the decline of about 9 percent, as Chile is the world's biggest copper producing country.
Drop in production in the United States also had an impact in the decline in the Global mine production. The drop in US production was seen at 10 percent mainly on lower ore grades, reduced mining rates and unfavorable weather at the beginning of the year.