Global Copper market sees deficit of 306K during first half of 2016: ICSG

UNITED STATES September 21 2016 5:43 PM

NEW YORK (Scrap Register): The refined copper balance for the first half of 2016, indicates a production shortfall around 306,000 mt, and a seasonally adjusted deficit of about 227,000 mt.

Due to strong Chinese apparent refined copper demand the global refined copper market for June indicates a production shortfall of around 83,000 mt, as per the International Copper Study Group.

Factoring in estimated changes in Chinese bonded warehouse stocks, the world refined copper balance indicates a production shortfall of around 151,000 mt for the first half compared with a surplus of about 16,000 mt for H1 2015.

The main contributor to growth was China (+6%), followed by the US, where production increased by 16%. Output in Chile and Japan, the second and third leading refined copper producers, increased by around 2% and 3% respectively.