Copper market in surplus in January-February
Source: Hoovers
The global copper market was in a surplus of 115,000 metric tons during the first two months of the year, building on a surplus of 6,000 tons in January and a 5,000 ton surplus in December, the World Bureau of Metal Statistics said Wednesday.
Reported stocks increased by 33,600 tons during January and February. No allowance is made in the consumption calculation for unreported stock changes.
Mine production was 1.32 million tons, 11% higher than in January 2006 due to increased output in Indonesia, China, the U.S. and Peru, the WBMS said.
Refined copper production in January and February was 2.9 million tons, up 6.3% on the year. Chinese output rose by 34,000 tons on the year. WBMS said that copper consumption in January and February was 2.85 million tons, up 1.7% on the year.
Chinese consumption increased to 776,000 tons from 555,000 tons a year earlier.
The calculated apparent demand data excludes any releases from government stockpiles or any other unreported stocks.
Copper demand in the E.U., at 720,000 tons, was 39,000 tons above the January to February 2006 total.
In February, refined copper production was 1.48 million tons, and consumption was 1.42 million tons. |
