Copper market records surplus of 54 kilo tons during Jan-Nov 2018
LONDON (Scrap Register): The copper market recorded a surplus of 54 kilo tons (kt) in January to November 2018 which follows a surplus of 120.2 kt in the whole of 2017. Reported stocks fell during November and closed 165 kt lower than at the end of December 2017, according to World Bureau of Metal Statistics.
These decreases included net deliveries of 2.5 kt out of LME warehouses. No allowance is made in the consumption calculation for unreported stock changes, particularly in the Chinese government stockpile.
World mine production in January to November 2018 was 18.94 million tonnes which was 2.6 per cent higher than in the same period in 2017. Global refined production for January to November 2018 was 21.51 million tonnes up 1.0 per cent compared with the previous year with a significant increase recorded in Zambia (up 97 kt) and in Chile (up 45 kt).
Global consumption for January to November 2018 was 21.45 million tonnes compared with 21.26 million tonnes for the same months of 2017. Chinese trade data for November 2018 has just become available following a six-month delay for technical reasons.
Chinese apparent demand for the period January to November 2018 was 11311 kt which was 6.5 per cent higher than the first eleven months of 2017. EU28 production fell by 1.4 per cent and demand was 3108 kt, 0.2 per cent above the January to November 2017 total.
In November 2018, refined copper production was 1988.5 kt and consumption was 1997.4 kt.