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Thursday, February 18, 2016
WBMS: Copper market records marginal surplus in 2015
The global copper market has recorded a surplus of 146,000 tonnes during the whole year 2015, as per the latest metals balances report published by the World Bureau of Metal Statistics (WBMS). It must be noted that the worldwide copper market had reported a surplus of 116,000 tonnes for the entire year 2014.
The global mine production during 2015 totaled 19.28 million tonnes. The mine production has grown by 4.3% when matched with 2014. Meantime, global refined copper output jumped higher by 0.7% over the previous year to 23.08 million tonnes. Refined copper output by NAFTA region countries reported significant increase of 85,000 tonnes during the year. Also, refined copper production was up sharply by 27,000 tonnes in India during 2015.
The global copper demand during 2015 stood at 22.931 million tonnes, essentially flat when compared with 22.811 million tonnes during 2014. The Chinese apparent consumption increased marginally by 148,000 tonnes during the year to total 11.451 million tonnes. The Chinese demand accounted for nearly 50% of the global demand. Also, EU-28 apparent consumption reported marginal decline of 2.4% from 2014 levels to 3.311 million tonnes.
According to the report, reported stocks of the metal stood higher by 143,000 tonnes during the entire year 2015 when compared with 2014 closing. However, stocks fell during the month of December last year.
The refined copper output during the month of December 2015 alone was 2,000.60 kt, whereas consumption during the month totaled 2,046.10 kt.