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UPDATE: Copper Market In 70,000-ton Deficit Jan-July -WBMS
Sep 16,2010 10:16CST
industry news

LONDON, Sep 15, 2010 (Dow Jones Commodities News via Comtex) -- The global copper market was in deficit by 70,000 metric tons in the first seven months of 2010 after registering a surplus in the same period of 2009, the World Bureau of Metal Statistics said Wednesday.

The copper market was in surplus by 350,000 tons in the same period last year, the WBMS said.

World mine production in January to July totaled 9.07 million tons, slightly higher on the year. Refined production rose to 11.17 million tons, up 5.3% compared with the same months last year.

Global consumption for the first seven months of 2010 totaled 11.24 million tons. In the full-year 2009 global consumption was 18.26 million tons, the WBMS said.

Chinese apparent demand rose 94,000 tons due largely to an increase in domestic production. EU27 demand totaled 2.016 million tons, up 15% from the January-July 2009 total.

In July 2010, refined copper totaled 1.617 million tons and demand was 1.665 million tons.

Reported stocks fell slightly in July and ended the period 104,000 tons lower than in December 2009. No allowance is made in the consumption calculation for unreported stock changes, particularly in the Chinese government stockpile, the WBMS said.


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