Deficit replaces surplus in refined copper market

Global – Refined copper production from scrap surged 5.5% year on year in the opening four months of 2016 to 1.307 million tonnes, according to latest figures from the International Copper Study Group (ICSG).

Total output from both primary and secondary production climbed 4.5% from 7.357 million tonnes in the first four months of 2015 to 7.688 million tonnes in January-April 2016. However, apparent refined usage is estimated to have surged around 6% from 7.344 million tonnes to 7.806 million tonnes when making the same comparison.

As a result, the small refined copper market surplus of 13 000 tonnes recorded for January-April last year was transformed into a shortfall of 119 000 tonnes for this year’s corresponding period, according to the ICSG.

World refinery capacity utilisation increased to 84% across the first four months of this year from 82% in the same period of 2015.