Global copper in surplus in first quarter of 2017
International Copper Study Group report shows there was a surplus of 164,000 tonnes of the metal in the first quarter of 2017, which it attributes mainly to a decline in Chinese demand
The latest monthly report of the International Copper Study Group (ICSG) shows there was a surplus of 164,000 tonnes of the metal in the first quarter of 2017, which it attributes mainly to a decline in Chinese demand. The year-ago quarter had seen a small deficit. China accounts for 47% of global copper usage.
Global refined copper production was virtually unchanged in the first quarter, with primary output declining 2%. China’s refined output rose by 7% but declines in Chile offset that increase. Refined copper usage is estimated to have decreased by around 3%, again due to a decline in China. If one adjusts for Chinese bonded stocks, the surplus increases to 309,000 tonnes, said an ICSG release.
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