SHANGHAI, Dec. 22 (SMM) -- According to data released by the International Copper Study Group (ICSG) on December 21st, global refined copper consumption outpaced production by 50,000 mt during the first nine months of this year.
Global copper market reported supply shortages of 92,000 mt during the same period of last year, according to ICSG.
Global copper market had 3,000 mt surplus in September.
During the first nine months of the year, copper consumption was down 0.8% on a yearly basis. The 45% growth of China's copper apparent consumption was not enough to offset negative impact of consumption declines of 18.5% or 1.8 million mt in other countries. During the same period, output at global copper mines grew by 2.9% from a year earlier. Copper concentrate output increased by 1.8%, and hydro-refined copper output was up 7.4%. Copper output from Indonesia made major contributions to the growth of global copper output. However, output declines in Chile and America, the world's two major copper producers, as well as Canada offset output increases in other countries.
(Edited by SMM)