WBMS: Copper Market In 177,000-Ton Surplus In Jan-Apr

LONDON, Jun 16, 2010 (Dow Jones Commodities News via Comtex) -- The global copper market was in surplus by 177,000 metric tons in the first four months of 2010, the World Bureau of Metal Statistics said Wednesday.

That compares with a surplus of 59,900 tons in the same period of 2009 and a surplus of 290,000 tons in the whole of 2009.

World mine production in the first four months of the year was 5.09 million tons, up 1.3% from the year-earlier period, while refined production rose to 6.24 million tons, up 4.1%. Chinese output rose by 170,000 tons and Chilean metal production fell 23,500 tons to 1.053 million tons.

Global consumption in the first four months was 6.07 million tons, while Chinese apparent consumption rose by 65,000 tons, due largely to an increase in domestic production. WBMS didn't provide comparative figures.

Demand in the European Union rose 8.7% from the first four months of 2009, to 1.087 million tons.

In April 2010, refined copper production was 1.588 million tons and consumption was 1.549 million tons.