ICSG: 2009 Copper Market In 365,000 Ton Surplus

SYDNEY, Mar 23, 2010 (Dow Jones Commodities News via Comtex) -- The global copper market was in a surplus of 365,000 metric tons last year, up some 140,000 tons on 2008 as a surge in Chinese imports wasn't enough to offset a decline in consumption in the rest of the world, the International Copper Study Group said Tuesday.

Copper consumption last year stayed unchanged on 2008 levels at 18 million tons, said the ICSG in its monthly copper market statement.

Chinese demand, which accounted for 40% of global consumption in 2009, rose almost 2 million tons, or 38%, and helped to offset a 16% drop in demand elsewhere.

Consumption in the EU-15 countries, Japan, and the U.S., which combined accounted for about 29% of world demand, fell by 20%, 26% and 19%, respectively, the study group said.

World mine output last year rose by about 1.3%, or 205,000 tons to 15.5 million tons. Combined with copper from scrap supply, total world production stood at 18.2 million tons.