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Informist, Monday, Mar. 24, 2025

 

MUMBAI – The deficit in the global refined copper market narrowed to 19,000 tonnes in January from 24,000 tonnes in the corresponding period last year, the International Copper Study Group said in a report. In January, global production of the red metal rose around 1% on year to 2.38 million tonnes and consumption rose 1% on year to 2.40 million tonnes.

 

The growth in global refined copper production was constrained by a fall in Chilean output and limited growth in other major copper producing countries. Production in China and the Democratic Republic of Congo, which account for nearly 54% of the world's total refined copper production, is estimated to have remained unchanged, the report said.

 

Refined copper output in Chile, another major producer, declined 14% in January because of a fall in primary electrolytic and electrowinning production. Refined copper production rose around 10% in Asia, excluding China, mainly due to higher production in India and Indonesia, the report said. Production in Japan fell 1% in January. Global secondary production from scrap rose 1.3% to 395,000 tonnes in January.

 

Demand for copper from all countries, excluding China, is estimated to have risen by 0.5% as weak demand in the European Union, Japan, and the US offset the growth in demand from a number of Asian, West Asian, and North African countries. Demand from China is estimated to have risen by around 1%, the study group said.

 

In January, mine utilisation rate fell to 77% from 78.2% in the corresponding period last year. Copper stocks held at major exchanges rose 37.5% on month to 613,879 tonnes in February, the group said. On the London Metal Exchange, the average cash price rose 3.9% to $9,329.25 per tonne in February from $8,977.57 per tonne in January. At 1313 IST, the most-active three-month copper contract on the LME was $9,989.5 per tonne, up 1.4% from the previous close.  End

 

US$1 = INR 85.70

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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