Copper Market Surplus 78,000 T in Jan-Oct - ICSG-Shanghai Metals Market

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Copper Market Surplus 78,000 T in Jan-Oct - ICSG

Industry News 08:52:14AM Jan 21, 2010 Source:SMM

NEW YORK, Jan 20 (Reuters) - World refined copper production exceeded consumption by 78,000 tonnes between January and October of 2009, versus a deficit of 58,000 tonnes in the same year-ago period, the International Copper Study Group said in its latest monthly bulletin.

World refined copper output in January to October was 15.167 million tonnes, while consumption amounted to 15.089 million tonnes, the Lisbon-based ICSG said. It said global consumption in the first 10 months of the year fell by 1 percent versus the same period in 2008.

Still, "Chinese apparent usage, which accounted for 40 percent of world usage over this period, grew by 43 percent and nearly offset an 18 percent decline in the rest of the world," the report said.

Apparent consumption in China, the world's biggest consumer of the red metal, rose 1.8 million tonnes in that period. Copper usage fell 21 percent in the European Union 15 countries, 31 percent in Japan and 21 percent in the United States. 
 

Copper Market Surplus 78,000 T in Jan-Oct - ICSG

Industry News 08:52:14AM Jan 21, 2010 Source:SMM

NEW YORK, Jan 20 (Reuters) - World refined copper production exceeded consumption by 78,000 tonnes between January and October of 2009, versus a deficit of 58,000 tonnes in the same year-ago period, the International Copper Study Group said in its latest monthly bulletin.

World refined copper output in January to October was 15.167 million tonnes, while consumption amounted to 15.089 million tonnes, the Lisbon-based ICSG said. It said global consumption in the first 10 months of the year fell by 1 percent versus the same period in 2008.

Still, "Chinese apparent usage, which accounted for 40 percent of world usage over this period, grew by 43 percent and nearly offset an 18 percent decline in the rest of the world," the report said.

Apparent consumption in China, the world's biggest consumer of the red metal, rose 1.8 million tonnes in that period. Copper usage fell 21 percent in the European Union 15 countries, 31 percent in Japan and 21 percent in the United States.