Photo by: Bloomberg
VANCOUVER (miningweekly.com) – The global copper supply deficit has grown to 181 000 t during the first three quarters of 2017.
According to the latest assessment conducted by the Lisbon, Portugal-based International Copper Study Group (ICSG), stagnant refined copper supplies, in combination with strong Chinese apparent usage in September, conspired to lift the deficit from an estimated 160 000 t for the first seven months of the year.
The ICSG estimates that global mine output has slowed 2.5% in the period to end-September to 14 709 t of red metal, as Chile, the world’s most prolific copper producer saw a 4% decline in output following a strike at the Escondida mine and lower output from state-owned Codelco mines.
Refined output, which includes both primary and secondary scrap sources, grew by a meagre 0.5% to 17 495 t, which matched a 0.5% increase in global apparent demand at 17 676 t.