ICSG releases January 2016 Copper Bulletin

By Paul Ploumis (ScrapMonster Author)

January 22, 2016 07:47:30 AM

SPOKANE (Scrap Monster): The International Copper Study Group (ICSG) has released preliminary data for the month of October last year in its January 2016 Copper Bulletin. According to preliminary ICSG data, copper production and usage data points to a marginal production surplus of nearly 2,000 metric tonnes.

The refined copper market balance for the month of October ‘15 showed an apparent production surplus of nearly 2,000 metric tonnes. The production deficit for the month, after making seasonal adjustments for global refined copper production and usage, stood at 3,000 metric tonnes. The refined copper balance for the initial ten months of the year ended in production surplus of around 60,000 metric tonnes as compared with a deficit of around 485,000 tonnes during the corresponding period in 2014.

World refined production increased by nearly 1.8% (nearly 330,000 t) during the first ten months of 2015. Primary production was up 2%, whereas the secondary production held steady. The refined copper production during the month witnessed significant growth of 4.0% in China. The production by the DRC and India witnessed an increase of 5% each. On the other hand, the refined copper output by Chile and Japan dropped by 2% and 3% respectively. The US refined copper production dropped by 2%. The African and Asian region recorded 5% and 4% rise in refined copper production respectively.

The world copper mine production has increased by around 3.5% (nearly 520,000 t) during the first ten months of 2015. Concentrate production was up 4% during the period. The mine output from Peru and Indonesia recovered during this period. The mine production by Peru-the world’s third largest copper mine producer, increased by 18%. The production remained essentially flat in the US and China. The production increased marginally by 0.7% in Chile. Region-wise, Asia recorded 10% rise in production. Also South America and Europe recorded increased output. On the other hand, Africa and Oceania region recorded production decline of 2% and 3.5% respectively.

Meantime, global usage of the metal is estimated to have declined by around 1% (nearly 210,000 t) during January to October in 2015. The Chinese apparent demand increased marginally by nearly 1.5%. The usage by world countries excluding China has dropped by 3.5%. The Russian apparent usage dropped sharply by 46% whereas the EU demand declined 4.5%. Japanese apparent demand too witnessed sharp decline of 7%.