LONDON, May 16, 2012 (Dow Jones) -- The global copper market was in a deficit of 157,000 metric tons between January and March, the World Bureau of Metal Statistics said Wednesday.
This compares with a surplus of 320,000 tons in the whole of 2011.
First quarter global refined copper production rose 3% on year to 4.95 million tons. WBMS said there were significant increases recorded in Spain, Iran, and India while Chilean refined copper output fell by 27,000 tons.
First quarter global refined copper consumption was 5.1 million tons compared with 19.47 million tons for all of 2011. First quarter Chinese apparent copper consumption was 2.32 million tons and represented just over 45% of global demand. First quarter European Union refined copper demand was down 7.8% on year at 811,100 tons.