ICSG releases preliminary copper data for Dec '14

Author: Paul Ploumis
30 Mar 2015 Last updated at 02:46:32 GMT

SPOKANE (Scrap Monster): The International Copper Study Group (ICSG) has released preliminary data for the month of December last year in its March 2015 Copper Bulletin. According to preliminary ICSG data, copper production and usage data points to an apparent production surplus, despite strong Chinese usage.

World refined production increased by nearly 7% during the entire year 2014. Primary production was up 8, whereas the secondary production increased by 1%. The global refined copper production during the month of December showed a surplus of 104,000 t. The balance for the entire year 2014 indicates a production deficit of 475,000 t. This is in comparison with a production deficit of 270,000 t during 2013.

The world copper mine production has increased by around 1.3% during the year 2014. Concentrate production was up 1% during the period. The mine output from Chile remained almost unchanged. The mine production by Peru-the world’s third largest copper mine producer too remained flat during the year. The production increased by 8% each in the US and the Democratic Republic of Congo. The other nations to report higher output were Mexico (+7%), Canada (+10%), Brazil (7%) and Mongolia (+34%).

On the other hand, ban on exports of copper concentrates constrained the output from Indonesia by 26% 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 was down 3% during the year on account of temporary closure of two mines.

Meantime, global usage of the metal is estimated to have increased by over 8% to 23 Million tonnes during 2014, boosted by robust demand in China. The Chinese apparent demand increased by 13.5%. The usage by world countries excluding China has increased by 3%. 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% during 2014.