WBMS: Copper Market In 135,000-Ton Surplus In Jan-March

LONDON, May 19, 2010 (Dow Jones Commodities News via Comtex) -- The global copper market was in surplus by 135,000 metric tons in the first quarter of 2010, the World Bureau of Metal Statistics said Wednesday.

That compares with a surplus of 338,000 tons in the whole of 2009 and 146,100 tons in the first quarter of 2009.

World mine production in the first three months of the year was 3.78 million tons, up 1.6% from the year-earlier period, while refined production rose to 4.71 million tons, up 4.8%. Chinese output rose by 145,000 tons and Chilean metal production fell 25,100 tons to 777,000 tons.

Global consumption in the first quarter was 4.58 million tons, while Chinese apparent consumption rose by 93,000 tons, due largely to an increase in domestic production. WBMS didn't provide comparative figures.

Demand in the European Union rose 6% from the first three months of 2009, to 803,500 tons.

In March 2010, refined copper production was 1.599 million tons and consumption was 1.713 million tons.