Author: Paul Ploumis
09 Jun 2015 Last updated at 02:03:00 GMT
SPOKANE (Scrap Monster): The International Copper Study Group (ICSG) has released preliminary data for the month of February this year in its May 2015 Copper Bulletin. According to preliminary ICSG data, copper production and usage data points to an apparent production surplus, despite strong Chinese usage.
The refined copper market balance for Feb ’15 showed an apparent production surplus of nearly 120,000 metric tonnes. The production surplus for the month, after making seasonal adjustments for global refined copper production and usage, stood at 80,000 metric tonnes. The copper balance for the first two months of the year ended in production surplus of 153,000 metric tonnes as compared with a deficit of 148,000 tonnes during the corresponding period last year.
World refined production increased by nearly 5% during the first two months of 2015. Primary production was up 3%, whereas the secondary production increased by 13%. The refined copper production during the month witnessed significant growth of 9% in China. The aggregated production by the Philippines, Indonesia and the DRC increased sharply by 48%. On the other hand, the refined copper output by Chile dropped 2%, whereas the US production plunged by 7%.
The world copper mine production has increased by around 2% during the first two months of 2015. Concentrate production was up 2% during the period. The mine output from Chile and Indonesia recovered during this period. The mine production by Peru-the world’s third largest copper mine producer, declined by 6%. The production dropped by 3% in the US.
Meantime, global usage of the metal is estimated to have declined by around 3.5% during January to February in 2015. The Chinese apparent demand dropped 5%. The usage by world countries excluding China has also dropped by 2%. The Russian apparent usage dropped by 42%m whereas the EU demand declined 7%.