Commodities Buzz: Copper Deficit Was 21000 Tonnes In 2012: WBMS

A hint that World Copper markets are shifting from deficits to surplus was seen in yesterday's report of World Bureau of Metal Statistics (WBMS). The organization has reported that the Copper markets were in surplus of 21000 tonnes in 2012. This followed a surplus of 242000 tonnes in 2011. The reported stocks of Copper moved up by 100000 tonnes in December and ended at 78000 tonnes higher than at the end of 2011.
World mine production was 4.6% higher in 2012 to 17.03 million tonnes, than at the same period in 2011. Meanwhile, refined Copper production increased by 3% to 20.44 million tonnes, due to rise in output of Spain by 69400 tonnes and in India by 27700 tonnes. Output of Chile fell by 190000 tonnes. Refined production in December 2012 was 1.07 million tonnes.
Global Copper consumption was up by 866000 tonnes to 20.46 million tonnes in 2012, compared to 19.59 million tonnes in 2011. Apparent consumption of China was 8.84 million tonnes in 2012, up 925000 tonnes. China consumption represented 43% of the global demand. Demand of Copper from European Union was 3.06 million tonnes, down 7.8% from last year. Refined Copper consumption in December 2012 was 1.64 million tonnes.
Source by Commodity Insights