By Paul Ploumis (ScrapMonster Author)

November 20, 2015 07:36:05 AM

BRUSSELS (Scrap Monster): The global copper market has recorded a surplus of 377,000 tonnes during January to September this year, as mentioned in the latest metals balances report published by the World Bureau of Metal Statistics (WBMS). It must be noted that the worldwide copper market had reported a surplus of 298,000 tonnes for the entire year 2014.

The global mine production during the period from January to September this year totaled 14.18 million tonnes. The mine production has grown by 3.0% when matched with the corresponding nine-month period in 2014. Meantime, global refined copper output jumped higher by 1.2% over the previous year to 17.1 million tonnes. Chinese refined copper output reported significant increase of 70,000 tonnes during this period. Also, refined copper production was up by 36,000 tonnes in India during the nine-month period.

The global copper demand during Jan-Sep ’15 stood at 16.682 million tonnes, marginally lower by nearly 0.86% when compared with 16.827 million tonnes during the same period in 2014. The Chinese apparent consumption dropped modestly by 67,000 tonnes during this period to total 8.108 million tonnes. The Chinese demand accounted for nearly 49% of the global demand. Also, EU-28 apparent consumption reported marginal decline of 0.8% from 2014 levels to 2.426 million tonnes.

According to the report, reported stocks of the metal stood higher by 120,000 tonnes during the initial eight-month period of the year when compared with 2014 closing. It must be noted that the reported stocks which had stood higher during the month of August also.

The refined copper output during the month of September alone was 1945.3 kt, whereas consumption during the month totaled 1862.0 kt.