LONDON (Scrap Register): The global refined copper balance for the first eleven months of 2017 indicates a deficit of about 195000 tonnes, some 27% wider than at the same time a year earlier, the latest data from the Lisbon-based International Copper Study Group (ICSG) shows.
The think tank attributed the widening deficit to an almost stagnant growth in world refined copper supplies, adding to a 40000 tonnes month-on-month widening of the copper supply gap.
World refined copper production is estimated to have slightly increased by 0.5% to 21.4-million tonnes in the first eleven months of 2017, with primary production (electrolytic and electrowinning) declining by around 1.5% and secondary production (from scrap) increasing by 9%.
World apparent refined copper use is estimated to have increased modestly by 0.6% to 21.6-million tonnes, as improved scrap supply constrained world refined copper use growth globally in 2017, the ICSG said.
As of the end of January, copper stocks held at the major metal exchanges such as the LME, Comex and Shanghai Futures Exchange totalled 670.55 tonnes, a 24% increase from stocks held in December at 128.02 tonnes.
The average LME cash price for January was $7 080.30/tonne, up from the December 2017 average of $6 801.16/tonne of copper.
World refined Copper deficit widens to 195k tonnes: ICSG
LONDON (Scrap Register): The global refined copper balance for the first eleven months of 2017 indicates a deficit of about 195000 tonnes, some 27% wider than at the same time a year earlier, the latest data from the Lisbon-based International Copper Study Group (ICSG) shows.
The think tank attributed the widening deficit to an almost stagnant growth in world refined copper supplies, adding to a 40000 tonnes month-on-month widening of the copper supply gap.
World refined copper production is estimated to have slightly increased by 0.5% to 21.4-million tonnes in the first eleven months of 2017, with primary production (electrolytic and electrowinning) declining by around 1.5% and secondary production (from scrap) increasing by 9%.
World apparent refined copper use is estimated to have increased modestly by 0.6% to 21.6-million tonnes, as improved scrap supply constrained world refined copper use growth globally in 2017, the ICSG said.
As of the end of January, copper stocks held at the major metal exchanges such as the LME, Comex and Shanghai Futures Exchange totalled 670.55 tonnes, a 24% increase from stocks held in December at 128.02 tonnes.
The average LME cash price for January was $7 080.30/tonne, up from the December 2017 average of $6 801.16/tonne of copper.
