WBMS: Copper Market in 80,000-Ton Deficit in January-June

LONDON, Aug 18, 2010 (Dow Jones Commodities News via Comtex) –

The global copper market was in deficit by 80,000 metric tons in the first six months of 2010, the World Bureau of Metal Statistics said Wednesday.

That compares with a deficit of 160,000 tons in the same period of 2009 and a surplus of 259,000 tons in the whole of 2009.

World mine production in the first six months of the year was 7.76 million tons, fractionally higher than the year-earlier period, while refined production rose to 9.50 million tons, up 5.1%. Chinese output rose 324,000 tons and Chilean metal production fell 27,800 tons to 1.59 million tons.

Global consumption in the first six months was 9.58 million tons, while Chinese apparent consumption rose 96,000 tons, due largely to an increase in domestic production. WBMS didn't provide comparative figures. Demand in the European Union rose 15% from the first six months of 2009, to 1.75 million tons.

In June 2010, refined copper production was 1.62 million tons and consumption was 1.65 million tons.