By Paul Ploumis 22 Sep 2015 Last updated at 08:30:49 GMT
The September 2015 Copper Bulletin released by the International Copper Study Group (ICSG) presents preliminary copper data for the initial half of the current year.
SPOKANE (Scrap Monster): The International Copper Study Group (ICSG) has released preliminary data for the month of June this year in its September 2015 Copper Bulletin. According to preliminary ICSG data, copper production and usage data points to a largely balanced market with a slight production surplus of 2,000 metric tonnes.
The refined copper market balance for the month of June ‘15 showed an apparent production surplus of nearly 2,000 metric tonnes. The production surplus for the month, after making seasonal adjustments for global refined copper production and usage, stood at 30,000 metric tonnes. The copper balance for the initial six months of the year ended in production surplus of 20,000 metric tonnes as compared with a deficit of 576,000 tonnes during the corresponding period last year.
World refined production increased by nearly 3% during the first six months of 2015. Primary production was up 2%, whereas the secondary production increased by 8%. The refined copper production during the month witnessed significant growth of 5% in China. The production by the DRC witnessed an increase of 11%. On the other hand, the refined copper output by Chile and Japan dropped by 2.5% each. The US refined copper production dropped by 6%. The African and Asian region recorded 9% and 7% rise in refined copper production respectively.
The world copper mine production has increased by around 3% during the first six months of 2015. Concentrate production was up 3% 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, increased by 8%. The production dropped by 4% in the US.
Meantime, global usage of the metal is estimated to have declined by around 2% during January to June in 2015. The Chinese apparent demand dropped nearly 1%. The usage by world countries excluding China has also dropped by 3%. The Russian apparent usage dropped by 53% whereas the EU demand declined 5%. Japanese apparent demand too witnessed sharp decline of 8%.