SHANGHAI, Apr. 21 (SMM) – World's copper market was in surplus of 51,000 tonnes in January 2017, up from the surplus of 44,000 tonnes on a yearly basis, International Copper Study Group (ICSG) said in its monthly report released on Tuesday.

According to ICSG, global refined production was 1.976 million tonnes in January, while global demand was 1.925 million tonnes.

The growth of surplus in January is due mainly to waning demand in China, world’s biggest copper consumer, as domestic downstream producers left for the 2017 Chinese New Year holiday from late January to early February, SMM notes. The 2016 Chinese New Year holiday fell in February.

In January, copper inventories in China’s bonded warehouses were in surplus of 76,000 tonnes, compared with the surplus of 13,000 tonnes seen in December 2016.

The table below shows data released by ICSG.

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