Thursday, 2 May 2013

Commodities Buzz: World Copper Surplus At 70000 Tonnes In January 2013- ICSG

Copper......
International Copper Study Group (ICSG) has reported that the world copper markets were in surplus of 70000 tonnes in January 2013. After making seasonal adjustments the Copper markets was in production surplus of 25000 tonnes. Copper was in deficit of 60000 tonnes in the corresponding period previous year. The agency has cited that the increase in surplus has been due to reduction of apparent copper consumption in major regions.
World mine production of copper in January was 1467000 tonnes, up almost 14 percent compared to 1290000 tonnes in January 2012. Mine capacity utilization rates were 82.3 percent in the month of January compared to 75.4 percent in the previous year. Major mine production increases were noted in Chile by 10 percent and in US by 17 percent. Peru which is another major mine producer saw a decline of 4 percent in the mine production.
World refined copper production increased by 1.6 percent to 1708000 tonnes compared to 1681000 tonnes in January 2012. Primary copper production was up by 1.3 percent to 1420000 tonnes in January 2013 compared to 1402000 tonnes last year. Chile which is the second largest producer of refined copper was down by 17.5 percent. China copper production increased by 7 percent in January while a rise of 8.5 percent and 22 percent was noted in Japan and Africa respectively.
Meanwhile, refined copper usage in World markets declined by 6 percent to 1641000 tonnes in January 2013. The major decline in copper usage was noted in China where consumption fell by 6.8 percent. Chinese apparent net imports were down by 35 percent. Excluding China world apparent usage of copper declined by 5 percent. On a regional basis, usage is estimated to have declined by 10% in Africa, by 3% in the Americas, by 6.5% in Asia and by 6% in Europe, while apparent usage is estimated to have increased in Oceania by 20%.
Source by Commodity Insights


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