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Global Copper market records 21k tonnes surplus in Jan-May 2019

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LONDON (Scrap Register): The copper market recorded a surplus of 21000 tonnes in January to May 2019 which follows a deficit of 19000 tonnes in the whole of 2018, the World Bureau of Metal Statistics (WBMS) said in its latest report.

Reported stocks rose each month in between January and April but fell back in May to close at the end of May 90000 tonnes higher than at the end of December 2018. This increase includes net deliveries of 55000 tonnes into the LME warehouses and net deliveries of 47000 tonnes into Shanghai warehouses.

Comex stocks dropped by 71000 tonnes over the first five months of the year. No allowance is made in the consumption calculation for unreported stock changes, particularly in the Chinese government stockpile.

World mine production in January to May 2019 was 8.43 million tonnes which was 0.5 per cent lower than in the same period in 2018. Global refined production for January to May 2019 was 9.22 million tonnes down 5.9 per cent compared with the previous year with significant decreases recorded in India (down 108000 tonnes) and in Chile (down 154000 tonnes).

Global consumption for January to May 2019 was 9.20 million tonnes compared with 9.72 million tonnes for the same months of 2018. Chinese apparent demand for the period January to May 2019 was 4.678 million tonnes which was 4.6 per cent lower than the first five months of 2018. EU28 production fell by 1.1 per cent and demand was 1.37 million tonnes , 4.5 per cent below the January to May 2018 total.

In May 2019, refined copper production was 1.86 million tonnes and consumption was 1.87 million tonnes.

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