Global copper market in 151,000 T deficit in July -ICSG

Industry News 10:36:47AM Oct 24, 2013 Source:SMM

Wed, 23 Oct 09:14:00 GMT

LONDON, Oct 23 (Reuters) - The global copper market showed a 151,000 tonne deficit in July, mostly due to demand for refined copper from China, the world's leading consumer of the metal, data from the International Copper Study Group showed.

It was the third straight month of a shortfall after the market swung into a deficit in May, following seven consecutive months of surplus, ICSG data showed.

On a seasonally adjusted basis, the data showed a deficit of 150,000 tonnes in July.

For the first seven months of 2013, the deficit amounted to 93,000 tonnes, compared with a deficit of 552,000 tonnes in the same period last year.

Global usage rose 1.6 percent to 190,000 tonnes in January to July, compared with the same period last year, with China's apparent demand for refined copper increasing by 2.3 percent.

Stripping out China, year-on-year world usage increased by 1 percent, with growth in the United States and Russia offsetting a decline in Japan and the European Union.

World production of refined copper rose by around 5.6 percent to 650,000 tonnes in the year through July, compared with a year ago. The main contributor to that growth was China.

Production also increased significantly in Brazil, the Democratic Republic of Congo and Zambia.


(Reporting by Susan Thomas; editing by Jane Baird)

((susan.thomas@thomsonreuters.com)(44-7919627932)(44-207 542 6880)(Reuters Messaging: Reuters messaging: susan.thomas.thomsonreuters.com@reuters.net))

Key Words:  ICSG JULY  

Global copper market in 151,000 T deficit in July -ICSG

Industry News 10:36:47AM Oct 24, 2013 Source:SMM

Wed, 23 Oct 09:14:00 GMT

LONDON, Oct 23 (Reuters) - The global copper market showed a 151,000 tonne deficit in July, mostly due to demand for refined copper from China, the world's leading consumer of the metal, data from the International Copper Study Group showed.

It was the third straight month of a shortfall after the market swung into a deficit in May, following seven consecutive months of surplus, ICSG data showed.

On a seasonally adjusted basis, the data showed a deficit of 150,000 tonnes in July.

For the first seven months of 2013, the deficit amounted to 93,000 tonnes, compared with a deficit of 552,000 tonnes in the same period last year.

Global usage rose 1.6 percent to 190,000 tonnes in January to July, compared with the same period last year, with China's apparent demand for refined copper increasing by 2.3 percent.

Stripping out China, year-on-year world usage increased by 1 percent, with growth in the United States and Russia offsetting a decline in Japan and the European Union.

World production of refined copper rose by around 5.6 percent to 650,000 tonnes in the year through July, compared with a year ago. The main contributor to that growth was China.

Production also increased significantly in Brazil, the Democratic Republic of Congo and Zambia.


(Reporting by Susan Thomas; editing by Jane Baird)

((susan.thomas@thomsonreuters.com)(44-7919627932)(44-207 542 6880)(Reuters Messaging: Reuters messaging: susan.thomas.thomsonreuters.com@reuters.net))

Key Words:  ICSG JULY