Copper Market in 191,000 T Surplus in Jan-Nov-WBMS-Shanghai Metals Market

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Copper Market in 191,000 T Surplus in Jan-Nov-WBMS

Industry News 10:42:30AM Jan 21, 2010 Source:SMM

LONDON, Jan 19 (Reuters) - The global copper market was in a surplus of 191,000 tonnes in January to November of 2009, down from 205,000 tonnes in the same period of 2008, the World Bureau of Metals Statistics (WBMS) said on Wednesday.

"Global consumption in the first eleven months of 2009 was 16.86 million tonnes which was fractionally higher than the same period of the previous year," the British-based consultancy said in a monthly report.

Chinese apparent consumption increased by 42 percent to 6.576 million tonnes from 4.620 million tonnes in the previous year," the report said.

"However, this increase masks a build up of unreported stocks since the output of semi manufactures was reported to be only 16.7 per cent higher than last year," the report said.

Primary aluminium was in a surplus of 1.048 million tonnes from January to November 2009, compared with a surplus of 1.428 million tonnes over the same period in 2008, the report said.

Over the same 11-month period, the lead market was in a deficit 8,400 tonnes and zinc was in surplus of 92,000 tonnes, the WBMS said.

The nickel market was in deficit during January to November 2009, with apparent demand exceeding supply by 19,000 tonnes, the consultancy said, adding that tin recorded a surplus of 15,200 tonnes in the same period.
 

Copper Market in 191,000 T Surplus in Jan-Nov-WBMS

Industry News 10:42:30AM Jan 21, 2010 Source:SMM

LONDON, Jan 19 (Reuters) - The global copper market was in a surplus of 191,000 tonnes in January to November of 2009, down from 205,000 tonnes in the same period of 2008, the World Bureau of Metals Statistics (WBMS) said on Wednesday.

"Global consumption in the first eleven months of 2009 was 16.86 million tonnes which was fractionally higher than the same period of the previous year," the British-based consultancy said in a monthly report.

Chinese apparent consumption increased by 42 percent to 6.576 million tonnes from 4.620 million tonnes in the previous year," the report said.

"However, this increase masks a build up of unreported stocks since the output of semi manufactures was reported to be only 16.7 per cent higher than last year," the report said.

Primary aluminium was in a surplus of 1.048 million tonnes from January to November 2009, compared with a surplus of 1.428 million tonnes over the same period in 2008, the report said.

Over the same 11-month period, the lead market was in a deficit 8,400 tonnes and zinc was in surplus of 92,000 tonnes, the WBMS said.

The nickel market was in deficit during January to November 2009, with apparent demand exceeding supply by 19,000 tonnes, the consultancy said, adding that tin recorded a surplus of 15,200 tonnes in the same period.