UPDATE:WBMS: Global Copper Mkt In 187,000 Ton Surplus Jan-Mar
Wed. May 20, 2009; Posted: 08:05 AM
tradingmarkets.com
LONDON, May 20, 2009 (Dow Jones Commodities News via Comtex) -- GOCPF | Quote | Chart | News | PowerRating -- (Adds production, consumption details, stock figures.)
The global copper market was in a surplus of 187,000 metric tons January to March 2009, the World Bureau of Metal Statistics said Wednesday.
That compares with a deficit of 95,000 tons during the same period last year.
Global consumption in the first quarter of 2009 was 4.394 million tons, down 3.9% from the same period in 2008.
Chinese apparent consumption increased to 1.681 million tons from 1.268 million tons in the previous year.
"However, this increase may mask a buildup of unreported stocks since the output of semi-manufactures was reported to be only 12.7% higher than last year," WBMS said.
E.U.27 demand was 783,500 tons, down 19% from the January to March 2008 total.
Mine production in January to March was 3.801 million tons, 3% higher on the year. Refined production rose by 2.3% to 4.58 million tons.
Chinese output rose by 66,300 tons. Bulgarian, Zambian and Chilean output together rose by 138,000 tons but output in India and Japan fell by 11,000 tons and 63,000 tons respectively.
Reported stocks increased by 164,000 tons in March. No allowance is made in the consumption calculation for unreported stock changes, particularly in the Chinese government stockpile, and some of the planned capacity reductions haven't yet affected world output.
-By Devon Maylie, Dow Jones Newswires; +44 (0)20 7842 9483; devon.maylie@dowjones.com
(END) Dow Jones Newswires
05-20-09 0805ET |
