The copper market recorded a surplus of 51 kt in January to February 2019 which follows a deficit of 25 kt in the whole of 2018. Reported stocks rose during January and closed 65 kt higher than at the end of December 2018. These increases included net deliveries of 6.1 kt out of LME warehouses and net deliveries of almost 100 kt into Shanghai warehouses. No allowance is made in the consumption calculation for unreported stock changes, particularly in the Chinese government stockpile.
World mine production in January to February 2019 was 3.30 million tonnes which was 0.6 per cent lower than in the same period in 2018. Global refined production for January to February 2019 was 3.67 million tonnes down 7 per cent compared with the previous year with significant decreases recorded in India (down 63 kt) and in Chile (down 58 kt).
Global consumption for January to February 2019 was 3.61 million tonnes compared with 3.84 million tonnes for the same months of 2018. Chinese trade data is now available for the first two months of 2019. Chinese apparent demand for the period January to February 2019 was 1739 kt which was 8.5 per cent lower than the first two months of 2018. EU28 production fell by 0.9 per cent and demand was 547 kt, 2.9 per cent below the January to February 2018 total.
In February 2019, refined copper production was 1797.0 kt and consumption was 1684.4 kt.
Source: WBMS |
