ICSG: The International Copper Market Is Still In Short Supply

- Nov 06, 2017-

According to the International Copper Study Group (ICSG) latest report, 7 months of 2017, the world copper market is still showing the shortage of state

ICSG data show that the first 7 months of refining copper market shortage of 163 thousand tons, mainly due to slow growth in supply. Seasonally adjusted, the shortage is 31 thousand tons. By comparison, in the first 7 months of 2016, the world's refined copper shortage was 281 thousand tons, seasonally adjusted to a shortage of 157 thousand tons.

In July, the copper gap was 35 thousand tons, for fifth consecutive months of shortage.

In the first 7 months, the world's refined copper consumption was 13 million 700 thousand tons, down 0.5% from the previous year. China saw consumption decline by 2%, while refined copper production increased by 6.5%, but imports fell by 20%.

ICSG estimates that China accounts for 50% of the world's copper demand.

7 months ago, reduce world mine copper production 258 thousand tons, a decline of 2%, mainly because of the world's largest producer of copper production fell by 7% in Chile, Canada, Mongolia, Indonesia and the United States is also an important factor of production decline. However, production in Mexico and Peru increased by 3% and 5% respectively, offsetting the impact of the decline in production in the countries mentioned above. During the same period, the utilization capacity of copper mines in the world was 80.6%, down 5.2 percentage points over the same period last year, 85.8%.

In the first 7 months, the world's refined copper production decreased by 45 thousand tons, of which the original copper production decreased by 1.5%, and the production of recycled copper decreased by 10%. Output growth mainly comes from China (6.5%), India (7%) and some European Union countries, but the world's second largest copper producing countries, Chile production decreased by 11%.

ICSG statistics show, LME copper price at the end of September was $5951.84 / ton, compared with 2016 the average price rose 22%.

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