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Global copper deficit grows to 181 000 t during first three quarters of 2017

Global copper deficit grows to 181 000 t during first three quarters of 2017

Photo by Bloomberg

21st December 2017

By: Henry Lazenby

Creamer Media Deputy Editor: North America

     

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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.

Edited by Creamer Media Reporter

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