Chinese copper cosumption up 40 pct in Jan, Feb 2007 - report
04.18.07, 9:00 AM ET
forbes.com
LONDON (Thomson Financial) - Chinese copper consumption rose by 40 pct in the first two months of this year compared with the same period a year ago, said the World Bureau of Metals Statistics (WBMS).
World consumption, by comparison, rose by just 1.7 pct, while production at mines was 9 pct higher, largely due to higher output from Chile, Kazakhstan and the USA, over the same period, said the WBMS, an independent research body.
It said that Chinese consumption data includes production and net imports but excludes any release from government stockpiles or any other unreported stocks..
EU-27 demand was also up, but by a modest 6 pct.
'Outside Europe, the only growth area was China, which added a further 222,000 tonnes to the global demand,' WBMS said.
Overall, the world copper market surplus in the January and February of this year stood at 115,000 tonnes, which compares favourably with the 370,000 tonne-surplus for the whole of 2006.
China, which is the world's largest consumer of the red metal, is key in driving copper prices.
Prices rose to seven-month highs earlier this month after China's customs office reported a 58 pct rise in copper imports in the first quarter of 2007.
Chinese copper demand may slow in the second quarter although not by enough to dent prices.
At 12.45 pm, copper for three-month delivery eased a touch to 8,000 usd per tonne, against 8,049 usd at the close yesterday.
anealla.safdar@thomson.com |
