Author: Paul Ploumis
27 Feb 2015 Last updated at 07:32:12 GMT
SPOKANE (Scrap Monster): The International Copper Study Group (ICSG) has released preliminary data for the month of November last year in its recently released February 2015 Copper Bulletin. According to preliminary ICSG data, the refined copper market balance for Nov ’14 showed an apparent production deficit of nearly 40,000 metric tonnes.

World refined production increased by nearly 8% during the first eleven months of 2014. Primary production was up 9%, whereas the secondary production increased by 3%. The global refined copper production during the month of November showed a surplus of 61,000 t. The balance for the initial eleven months of 2014 indicates a production deficit of 640,000 t. This is in comparison with a production deficit of 278,000 t during the corresponding eleven-month period in 2013.

The world copper mine production has increased by around 1.5% during the first eleven months of 2014. Concentrate production was up 1% during the period. The mine output from Chile remained almost unchanged. However, other major copper producing countries recorded increased production. The production increased by 1.5% in Peru, 8% in the US and 9% in the Democratic Republic of Congo. The other nations to report higher output were Mexico (+7%), Canada (+11%) and Mongolia (+35%).

On the other hand, ban on exports of copper concentrates constrained the output from Indonesia by 25% year-on-year. The temporary shutdown at Lumwana mine and reduced output levels from other mines resulted in 7% drop in Zambia’s production. The output from Australian mines during the eleven-month period was down 3%, whereas those from Papua New Guinea were down by 26% on account of mine landslide and heavy rains.

Meantime, global usage of the metal is estimated to have increased by over 10%, boosted by robust demand in China. The Chinese apparent demand increased by 17%. The usage by world countries excluding China has increased by 4%. The EU region, other Asian countries including Japan and Middle East/ North African region countries witnessed growth in apparent usage. The copper usage by the US has declined by 1.5%.