LONDON, Aug 24, 2011 (Dow Jones) --The world refined copper market was in deficit by 80,000 metric tons in May, the International Copper Study Group said Wednesday.
World refined demand in May was 1.695 million tons, outpacing total production of 1.615 million tons, the ICSG said.
For the first five months of the year, the market was in deficit of 146,000 tons, representing world refined demand of 8.039 million tons, compared with total production of 7.892 million tons, the ICSG said. This compares with a deficit of 162,000 tons in the same period of 2010.
World apparent copper usage grew by a modest 1% between January and May, as an 8% decline in demand from top consumer China was mostly offset by growth in other regions, the group said.
World usage without China grew by 6.7%, owing primarily to increases in Japan, the European Union, the Russian Federation and the U.S.