SHANGHAI, Aug. 17 (SMM) – Global copper market reports a supply shortage of 41,000 tonnes in the first six months of 2017, while the figure was 68,000 tonnes in 2016, according to Bureau of Metal Statistics (WBMS).
Copper inventory in June dropped, but was still 71,000 tonnes higher than the level seen in late December 2016.
In January-June 2017, global copper mines produced 10.10 million tonnes of ores, down 0.1%. Global copper cathode output totaled 11.67 million tonnes in January-June, up 1.6% against the same period of last year, with China posting the largest growth of 329,000 tonnes while Chile reporting the biggest decline of 168,000 tonnes.
Copper consumption fell to 11.71 million tonnes in the first months of 2017 from 11.88 million tonnes on a yearly basis. Apparent consumption in China reduced 271,000 tonnes to 5.66 million tonnes on a yearly basis, accounting for more than 48% of global demand.
Copper output at 28 countries in EU rose 8% in January-June 2017, and their demand declined 3.1% YoY to 1.72 million tonnes.
In January 2017, global copper cathode output was 2.02 million tonnes, and consumption was 2.01 million tonnes.
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