Copper Market Deficits Widened Further in H1 2017

The latest Metals Balances Report released by the World Bureau of Metal Statistics (WBMS) indicates that worldwide Copper market have ended in huge deficits during the initial half of the current year. brass


The global copper market has recorded a deficit of 41 kt during January to June this year. This follows a deficit of 68 kt recorded during the whole of 2016. brass brass

The global mine production during the half-yearly period totaled 10.1 million tonnes. The mine production has declined marginally by 0.1% when compared with the corresponding six-month period last year. Also, global refined copper output registered moderate jump of 1.6% over the previous year to 11.67 million tonnes. The refined copper output by China increased significantly by 329 kt during this period. On the other hand, the increased output from China was partially offset by a reduction in output by Chile. The Chilean refined copper output declined by 168 kt during this period. brass

The global copper demand during the first six months of 2017 totaled 11.71 million tonnes, slightly lower when compared with 11.88 million tonnes during the same period in 2016. The Chinese apparent consumption totaled 5.659 million tonnes, down by 271 kt when compared with the corresponding six-month period in 2016. The Chinese demand accounted for just over 48% of the global demand. Also, EU-28 apparent consumption declined by 3.1% from Jan-June ’16 levels to 1,715.0 kt. brass

According to the WBMS report, reported stocks of the metal rose by 71,000 tonnes during the initial six-month period of the year when compared with 2016 closing. However, the reported stocks declined during the month of June this year. brass of June this year declined during the month tonnes during the initial month period of the year when compared with closing. however he reported

The refined copper output during the month of June this year alone was 2,016.5 kt, whereas consumption during the month totaled 2,013.4 kt.