Refined copper deficit nears 300 000 tonnes in second quarter

Global – Worldwide, secondary production of refined copper from scrap jumped 4.5% from 1.876 million tonnes in the first half of 2015 to 1.962 million tonnes in this year’s corresponding period whereas primary production climbed just 2.5% to 9.529 million tonnes.

Latest figures from the International Copper Study Group (ICSG) confirm that the total refined copper production of 11.491 million tonnes in the opening six months of this year was 3% or 320 000 tonnes higher than in January-June 2015 while global usage surged 5% (or 572 000 tonnes) to 11.797 million tonnes – said to be ‘mainly due to strong Chinese apparent demand’.

These figures imply a refined copper market deficit for the first half of this year of 306 000 tonnes, with around 296 000 tonnes of this shortfall accumulated in the second quarter. The market deficit across the first six months of last year amounted to 54 000 tonnes, the ICSG points out.

Again comparing the first half of this year with January-June 2015, refined copper usage is estimated to have increased by 5% in Europe and 7% in Asia while remaining largely unchanged in Oceania.

However, consumption declines of 17% and 4% were recorded in, respectively, Africa and the Americas.