ICSG: October surplus for refined copper

Global – Refined copper production from scrap surged 6% worldwide from 3.23 million tonnes in the opening 10 months of 2015 to 3.419 million tonnes in last year’€™s corresponding period, according to latest stats from the International Copper Study Group (ICSG).

With primary production increasing by 2.5% to 15.996 million tonnes, refined copper supply climbed around 3% or 537 000 tonnes year on year to 19.415 million tonnes. On a regional basis, refined output is estimated to have increased by 3% in the Americas and Oceania, as well as by 6% in Asia, whereas declines of 12% and 3% were recorded for, respectively, Africa and Europe.

Globally, apparent refined copper usage is estimated by the ICSG to have increased by around 3% or 515 000 tonnes in the first 10 months of 2016 to 19.479 million tonnes. This implies a market deficit of 64 000 tonnes, although a surplus of 48 000 tonnes was registered when viewing October in isolation. From a regional perspective, refined copper usage is estimated to have increased by 4% in Asia and 1.5% in Europe while declining 3.5% in the Americas.