The World Copper Market has recorded a small surplus for the period of January – September 2017. A tiny surplus of 20 kt has been observed on the market during the first three quarters of year 2017. It must be noted that the market had ended in deficit of 32 kt as on end of August this year and turned to marginal surplus during the month of September. The market had also recorded deficit of 102 kt during the whole year of 2016.
The copper mine production during the initial nine months of the current year totaled 15.05 million tonnes (Mt), experiencing a minor drop by 0.5% comparing to the corresponding nine months in 2016. Meanwhile, global refined copper output increased marginally by 1.3% over the previous year to 17.64 million tonnes.
The global copper demand during the period of January – September of 2017 recorded an amount of 17.62 million tonnes, again marginally down by 0.2% when matched with the same period in 2016. The Chinese demand accounted for just below 50% of the global demand and the Chinese consumption totaled 8.757 million tonnes, marginally higher compared with the corresponding period in 2016. Also, the apparent consumption on the EU market has increased slightly by 1.3% to 2,605 kt.
According to the World Bureau of Metal Statistics report, stocks of the metal rose by 40,000 tonnes during the initial nine-month period of the year when compared with the closing of 2016. However, the reported stocks dropped marginally during the month of September in 2017.
The refined copper output in September 2017 alone totaled 2,011.5 kt, whereas the consumption during that month was 2,035.2 kt.