LONDON, Jul 21, 2010 (Dow Jones Commodities News via Comtex) -- The global copper market was in surplus by 73,000 metric tons in the first five months of 2010, the World Bureau of Metal Statistics said Wednesday.
That compares with a deficit of 56,200 tons in the same period of 2009 and a surplus of 283,000 tons in the whole of 2009.
World mine production in the first five months of the year was 6.38 million tons, fractionally higher than the year-earlier period, while refined production rose to 7.89 million tons, up 4.95%. Chinese output rose 251,000 tons and Chilean metal production fell 24,400 tons to 1.33 million tons.
Global consumption in the first five months was 7.81 million tons, while Chinese apparent consumption rose 105,000 tons, due largely to an increase in domestic production. WBMS didn't provide comparative figures.
Demand in the European Union rose 16% from the first five months of 2009, to 1.45 million tons.
In May 2010, refined copper production was 1.61 million tons and consumption was 1.64 million tons.