WBMS: Global Copper Market in 299,000-ton Deficit Jan-Aug

Oct 17, 2012 (Dow Jones Commodities News via Comtex) -- The global copper market was in deficit by 299,000 metric tons in the first eight months of the year, the World Bureau of Metal Statistics said Wednesday.

For the whole of 2011, the market was in a surplus of 253,000 tons.

Global copper consumption rose in the January-to-August period to 13.67 million tons from 12.901 million tons the year earlier.

Chinese apparent consumption rose 964,000 tons to 5.832 million tons in the period, which represented just under 43% of global demand.

Global refined copper production in the first eight months rose 1.8% from the year-ago period to 13.34 million tons, with notable output increases in Spain and India. Chilean output fell 108,700 tons during the period, WBMS said.

In August, global refined copper production was 1.672 million tons and consumption was 1.708 million tons, the WBMS said.