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In Tuesday's "Global copper surplus widens to 528,000 tn in Jan-Jul, output up 6.6% on yr" story, the headline should read global copper output rose 5.9% on year. The header incorrectly stated that output in Jan-Jul increased 6.6%.

A corrected version follows:

[I] Global copper surplus widens to 528,000 tn in Jan-Jul, output up 5.9% on yr

Informist, Tuesday, Oct. 1, 2024

MUMBAI – The global production of refined copper rose 5.9% on year to 16.1 million tonnes in Jan-Jul, while consumption rose 2.9% to 15.57 mln tonnes. This led to a widening of the global surplus to 528,000 tonnes in Jan-Jul from 79,000 tonnes in the same period last year, the International Copper Study Group said in a report released on Monday.

The surplus in the copper market in July narrowed to 91,000 tonnes from 113,000 tonnes a month earlier. Global refined production in July rose 2.9% from a month ago to 2.35 million tonnes, while consumption rose 4.1% to 2.26 million tonnes, the report said.

Production in China, the largest producer of refined copper, increased 7% on year in Jan-Jul due to the commissioning and expansion of primary and secondary smelters and refineries, the report said. Production in the Democratic Republic of Congo rose 18% in Jan-Jul 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 54% of the world's total refined copper production.

The output of another major producer, Chile, fell 6.6% in Jan-Jul from a year ago because of a decline in primary electrolytic and electrowinning production. Refined copper production rose 3.6% on year in Japan, the report said. Global secondary production from scrap rose 4.9% on year to 2.7 million tonnes in the first seven months of the year.

The demand for copper from all countries, excluding China, in Jan-Jul is estimated to have risen 2% 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 2.36 million tonnes against 2.27 million tonnes a year ago. During Jan-Jul, the mine utilisation rate fell to 78.8% from 79.9% a year ago, the group said.

Copper stocks at major exchanges rose 180%, or 384,939 tonnes, to 598,789 tonnes in July compared with stocks held at the end of December, the group said. On the London Metal Exchange, the average cash price fell 4.6% to $8,963.71 per tonne in August from $9,393.57 per tonne in July. 

At 1730 IST, the most-active three-month copper contract on the LME was $9,896.00 per tonne, up 0.7% from the previous close.  End

US$1 = INR 83.82

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

Reported by Ashutosh Pati

Edited by Saji George Titus

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