Copper Market In 71,000-Ton Deficit Jan-Aug - WBMS

LONDON, Oct. 22 -- The global copper market was in deficit by 71,000 metric tons between January and August, the World Bureau of Metal Statistics said Wednesday.

    In the same period of 2008 the market was in surplus by 10,000 tons.

    Global consumption in the first eight months of 2009 was 12.26 million tons, which is fractionally higher than the same period last year.

    World mine production in the period rose 1.98% on the year to 10.36 million tons and refined production fell 0.4% to 12.2 million tons.

    Chinese output rose 99,900 tons, and Bulgarian, Zambian and Chilean output together rose 305,000 tons from the previous year. But output in Japan, Canada and Germany fell by a total 208,000 tons, WBMS said.

    Chinese apparent consumption increased to 4.836 million tons from 3.296 million tons in the previous year. However, this increase masks a build up of unreported stocks since the output of semi manufacturers was reported to be only 15.6% higher than last year, WBMS said.

    EU27 countries' demand fell 25.9% to 1.948 million tons from January to August 2008 total.

    In August 2009, global refined copper production was 1.568 million tons and consumption was 1.455 million tons, WBMS said.

    (Source: Dow Jones)