VANCOUVER (miningweekly.com) – The global refined copper balance for the first two months of this year indicates a surplus of about 110 000 t, a 12.8% drop year-on-year, the International Copper Study Group has found.
The Lisbon, Portugal-based think tank said apparent refined demand increased 3.9% year-on-year to 3.77-million tonnes, outpacing production growth in the same period of 3.3% to 3.88-million tonnes of red metal.
World mine production is estimated to have increased by around 4.8% in the first two months of this year to 3.25-million tonnes, with concentrate output rising 4.5% and solvent extraction and electrowinning by 6%.
Mine capacity utilisation for February was 82.6%, up slightly from January’s 81.2%, but down from December’s high of 88%. In contrast, global refinery capacity utilisation was 87.8% in February, up from January’s 86%, but also down from December’s 90.8% utilisation rate.
As of the end of April, copper stocks held at the major metal exchanges totalled 800.02 t, an increase of 257.48 t, or 47% from stocks held at the end of December. The average London Metals Exchange cash price for April was $6 838.25/t, up 0.6% from the March average of $6 795.76/t.