Copper Market Surplus 144,000 T in Jan-Nov - ICSG

NEW YORK, Feb. 23 -- World refined copper production exceeded consumption by 144,000 tonnes between January and November of 2009, more than doubling a market surplus of 58,000 tonnes in the same year-ago period, the International Copper Study Group (ICSG) said in its latest monthly bulletin.

World refined copper output in January to November was 16.779 million tonnes, while consumption amounted to 16.635 million tonnes, the Lisbon-based ICSG said.

It said global consumption in the first 11 months of the year fell by less than one percent versus the same period in 2008.

"Chinese apparent usage, which accounted for 40 percent of world usage over this period, grew by 1.9 tonnes, or 41 percent, and nearly offset a 16 percent decline in the rest of
the world," the report said.