VANCOUVER (miningweekly.com) – The International Copper Study Group reports a global copper market deficit of about 90 000 t in November, up from the 64 000 t deficit in October.
The November deficit was mainly attributable to a 3.5% increase in apparent Chinese demand in the first 11 months of 2016, the Lisbon, Portugal-based study group said in its latest market report.
Preliminary data available up to November suggests global mine output increased by 5%, or 900 000 t, in the 11 months, with concentrate output increasing by 7% and solvent extraction and electrowinning (SX-EW) declining 2%. The increase in global mine production resulted mainly from a 41%, or 630 000 t, rise in Peruvian concentrate output, which benefited from new and expanded capacity brought on stream in the last two years.
However, overall growth was partially offset by a 4.3% decline in production in Chile, the world’s biggest copper producer.
Global refined production was estimated to have increased by about 2.5%, or 500 000 t, in the period, with primary production, including SX-EW, increasing 3% and secondary production from scrap falling 1.5%.
Apparent refined copper consumption was estimated to have increased by about 2%, or 475 000 t, in the 11-month period.