WBMS: Global Copper Market In 94,000-ton Deficit Jan-May

Jul 18, 2012 (Dow Jones) -- The global copper market was in deficit by 94,000 metric tons in the first five months of the year, the World Bureau of Metal Statistics said Wednesday.

This compares with a surplus of 421,000 tons over the whole of 2011.

Global copper consumption in January to May was 8.474 million tons, compared with 19.477 million tons over the whole of 2011. Chinese apparent consumption rose by 800,000 tons to 3.671 million tons in the period, which represented just over 43% of global demand.

Global refined copper production in January to April rose 3.4% from the same period a year earlier to 8.38 million tons, with notable output increases seen in Spain, Iran and India.

In May, global refined copper production was 1.677 million tons and consumption was 1.653 million tons, the WBMS said.