Global copper surplus widens to 287,000 tn in Jan-Oct, output rises 3.7% YoY
This story was originally published at 17:09 IST on 23 December 2024
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MUMBAI – Global production of refined copper rose 3.7% on year to 22.77 million tonnes in Jan-Oct, while consumption was up 2.5% at 22.48 million tonnes. This led to a widening of the surplus of the red metal to 287,000 tonnes in Jan-Oct from 9,000 tonnes in the corresponding period last year, the International Copper Study Group said in a report Friday.
The deficit in the copper market in October narrowed to 41,000 tonnes from 136,000 tonnes in the previous month. Global refined copper production in October rose 3.7% from a month ago to 2.30 million tonnes, while consumption fell 0.6% to 2.34 million tonnes, the report said.
Production in China, the largest producer of refined copper, increased 5% on year in Jan-Oct due to commissioning and expansion of primary and secondary smelters and refineries, the report said. Production in the Democratic Republic of Congo rose 13% on year in Jan-Oct due to continued ramp-up of new or expanded electro-winning plants, according to the report. China and Democratic Republic of Congo account for about 54% of the world's total refined copper production.
The output in Chile, another major producer, fell 7.5% in Jan-Oct from a year ago because of a decline in primary electrolytic and electro-winning production. Refined copper production rose 3.7% on year in Japan, the report showed. Global secondary production from scrap rose 3.4% on year to 3.84 million tonnes in the first 10 months of the year.
Demand for copper from all countries, excluding China, in Jan-Oct is estimated to have increased 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 2.38 million tonnes, against 2.28 million tonnes a year ago. During Jan-Oct, the mine utilisation rate fell to 78.8% from 80.8% a year ago, the group said.
Copper stocks at major exchanges rose 116% to 462,020 tonnes at the end of November, compared with stocks held at the end of December 2023, the group said. On the London Metal Exchange, the average cash price fell 4.9% to $9,074.79 per tonne in November from $9,539.24 per tonne in October.
At 1612 IST, the most-active three-month copper contract on the LME was $8,968.50 per tonne, up 0.3% from the previous close. End
US$1 = INR 85.12
IST, or Indian Standard Time, is five-and-a-half hours ahead of GMT
Reported by Ashutosh Pati
Edited by Akul Nishant Akhoury
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