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MTECHTIPS:-Copper Records A Surplus of 151000 Tonnes In January- June 2015

MTECHTIPS:-Copper Records A Surplus of 151000 Tonnes In January- June 2015

The copper market recorded a surplus of 151000 tonnes in January to June 2015 which follows a surplus of 295000 tonnes in the whole of 2014 as per the estimates from World Bureau of Metal Statistics (WBMS). Reported stocks fell during both May and June but remained 93000 tonnes higher than at the end of December 2014 No allowance is made in the consumption calculation for unreported stock changes, particularly in the Chinese government stockpile. World mine production in January to June 2015 was 9.45 million tonnes which was 3.8 per cent higher than in the same period in 2014. Global refined production rose to 11.25 million tonnes up 2.4 per cent compared with the previous year with a significant increase recorded in China (up 161 kt) and India (up 48 kt). Global consumption for January to June 2015 was 11099 kt compared to 11231 kt for the same months of 2014. Chinese apparent consumption in January to June 2015 fell by 63 kt to 5337 kt which represented 48.1 per cent of global demand. EU28 production rose by 0.5 per cent and demand was, at 1783 kt, 6.8 per cent above the January to June 2014 total. In June 2015, refined copper production was 1958.1 kt and consumption was 1873.0 kt.

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