ICSG: global refining copper supply surplus of 278000 tons in the first half of the year and a shortage of 235000 tons of refined copper supply in June

SMM9, 22 / PRNewswire-Asianet /-- after a surplus of 130000 tons of refined copper at the end of the first quarter, the global refined copper market turned to a supply shortage of 235000 tons in June, according to data released by (ICSG), an international copper research group, on Monday.

ICSG expects global monthly refined copper consumption to be 2.25 million tonnes in June, compared with 2.09 million tonnes in May, although global refined copper production remained virtually unchanged at 2.06 million tonnes in June.

According to the Global Trade Association, the global consumption of refined copper in the first half of 2020 was basically the same as that in the same period last year, at 12.1 million tons. ICSG said the stability of copper demand was mainly supported by China. China's net imports and apparent consumption of refined copper increased by 31 per cent and 9 per cent respectively in the first half of 2020. In contrast, the apparent use of apparent refined copper in other parts of the world except China fell 9 per cent in the first half of this year compared with the same period a year earlier. In terms of regions, refined copper consumption fell by 12% in Japan, the European Union and the United States by 10% and 4.5% respectively, while the apparent use of refined copper in Asia excluding China fell by 8%. ICSG added that the global supply of refined copper showed a surplus of 278000 tons in the first half of this year.