More Stories

Informist, Wednesday, Aug 21, 2024

 

MUMBAI – The global production of refined copper rose 6.2% on year to 13.86 mln tn in Jan-Jun, while consumption rose 3.4% to 11.16 mln tn. This led to a widening in surplus of the red metal to 488,000 tn in Jan-Jun from 115,000 tn in the same period last year, the International Copper Study Group said in a report released on Tuesday.

 

In June, the deficit in the copper market widened to 95,000 tn from 63,000 tn in May. Global refined production fell 2.6% on month to 2.31 mln tn in June, while global consumption slipped over 4% to 2.21 mln tn, according to the report.

 

Production in China, the largest producer of refined copper, increased 7% on year in Jan-Jun due to the commissioning and expansion of primary and secondary smelters and refineries, the report said. In the Democratic Republic of Congo, production rose 12% from a year ago due to the continued ramp-up of new or expanded electrowinning plants, according to the report. China and Congo account for about 53% of world refined copper production.

 

However, output in another major producer, Chile, remained unchanged, because of a decline in primary electrolytic production was offset by an increase in electrowinning output. Refined copper production rose 3.7% on year in Japan, the report said. Global secondary production from scrap rose 5.8% on year to 2.32 mln tn in the first six months of the year.

 

In Jan-Jun, demand for copper from all countries, excluding China, is estimated to have risen 3% on year as weak demand in the European Union, Japan, and the US was offset by growth in a number of Asian countries. Demand from China grew 3.5%, the study group said.

 

The average monthly global copper mine capacity is currently 2.38 mln tn against 2.29 mln tn a year ago. During Jan-Jun, the mine utilisation rate fell to 78% from 78.5% a year ago, the group said.

 

Copper stocks at major exchanges rose 162%, or 346,134 tn, to 559,984 tn in June compared with stocks held at the end of December, the group said. On the London Metal Exchange, the average cash price fell 2.6% to $9,393.57 per tn in July from $$9,641.60 per tn in June. At 1700 IST, the most-active three-month copper contract on the LME was $9,181.50 per tn, down 0.8% from the previous close.  End

 

US$1 = 83.92 rupees

IST, or Indian Standard Time, is five-and-a-half hours ahead of GMT

 

Reported by Sandeep Sinha

Edited by Aditya Sakorkar

 

For users of real-time market data terminals, Informist news is available exclusively on the NSE Cogencis WorkStation.

 

Cogencis news is now Informist news. This follows the acquisition of Cogencis Information Services Ltd by NSE Data & Analytics Ltd, a 100% subsidiary of the National Stock Exchange of India Ltd. As a part of the transaction, the news department of Cogencis has been sold to Informist Media Pvt Ltd.

 

Informist Media Tel +91 (22) 6985-4000

Send comments to feedback@informistmedia.com

 

© Informist Media Pvt. Ltd. 2024. All rights reserved.