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Copper Market Records Surplus in January to April 2019

https://en.steelhome.com [SteelHome] 2019-06-20 09:52:57

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The copper market recorded a surplus of 43 kt in January to April 2019 which follows a deficit of 19 kt in the whole of 2018. Reported stocks rose each month in between January and April and closed at the end of April 137 kt higher than at the end of December 2018. These increases included net deliveries of 94 kt into the LME warehouses and net deliveries of 101 kt into Shanghai warehouses. Comex stocks dropped by 69 kt over the first four months of the year. No allowance is made in the consumption calculation for unreported stock changes, particularly in the Chinese government stockpile.

World mine production in January to April 2019 was 6.63 million tonnes which was 1.0 per cent lower than in the same period in 2018. Global refined production for January to April 2019 was 7.41 million tonnes down 4.9 per cent compared with the previous year with significant decreases recorded in India (down 99 kt) and in Chile (down 106 kt).

Global consumption for January to April 2019 was 7.36 million tonnes compared with 7.69 million tonnes for the same months of 2018. Chinese apparent demand for the period January to April 2019 was 3694 kt which was 3.5 per cent lower than the first four months of 2018. EU28 production fell by 0.2 per cent and demand was 1103 kt, 3.1 per cent below the January to April 2018 total.

In April 2019, refined copper production was 1908.6 kt and consumption was 2008.1 kt.

Source: WBMS
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