Study Group
Global copper surplus widens to 359,000 tn in Jan-Sept, output up 4.1% on year
This story was originally published at 12:44 IST on 21 November 2024
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MUMBAI – Global production of refined copper rose 4.1% on year to 20.50 million tonnes in Jan-Sept, while consumption was up 2.5% at 20.14 million tonnes. This led to widening of surplus of the red metal to 359,000 tonnes in Jan-Sept from 42,000 tonnes in the same period last year, the International Copper Study Group said in a report on Wednesday.
In September, the copper market slipped into a deficit of 131,000 tonnes from a surplus of 41,000 tonnes in August. Global refined production in September fell 4% from a month ago to 2.22 million tonnes, while consumption rose 3.6% to 2.35 million tonnes, the report said.
Production in China, the largest producer of refined copper, increased 5.5% on year in Jan-Sept due to commissioning and expansion of primary and secondary smelters and refineries, the report said. Production in the Democratic Republic of Congo rose 13% in Jan-Sept from a year ago due to 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 in Chile, another major producer, fell 7.2% in Jan-Sept from a year ago because of a decline in primary electrolytic and electrowinning production. Refined copper production rose 3.3% on year in Japan, the report showed. Global secondary production from scrap rose 4.1% on year to 3.47 million tonnes in the first nine months of the year.
Demand for copper from all countries, excluding China, in Jan-Sept is estimated to have risen 1.7% on year as weak demand in the European Union, Japan, and the US was offset by growth in demand from a number of Asian, West Asian, and North African countries. Demand from China grew 3%, the study group said.
The average monthly global copper mine capacity is currently 2.37 million tonnes, against 2.28 million tonnes a year ago. During Jan-Sept, the mine utilisation rate fell to 78.7% from 80.5% a year ago, the group said.
Copper stocks at major exchanges rose 141% to 512,206 tonnes in October compared with stocks held at the end of December, the group said. On the London Metal Exchange, the average cash price rose 3.1% to $9,539.24 per tonne in October from $9,254.50 per tonne in September.
At 1000 IST, the most-active three-month copper contract on the LME was $9,128.00 per tonne, up 0.4% from the previous close. End
US$1 = INR 84.42
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Reported by Sandeep Sinha
Edited by Tanima Banerjee
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