Secondary production shores up refined copper market

Global – In the world refined copper market, a 12% surge in secondary production from scrap counterbalanced a 1.5% decline in primary production during the first six months of the current year.

Some 2.063 million tonnes of refined copper was produced via the secondary route in the opening half of 2017 versus 1.846 million tonnes in last year’s corresponding period, according to latest data from the International Copper Study Group (ICSG).

With primary production at 9.512 million tonnes, total refined copper output amounted to 11.575 million tonnes as against 11.498 million tonnes in January-June 2016. World usage of refined copper dropped from 11.903 million tonnes in the opening half of 2016 to 11.65 million tonnes in the same period of this year.

On a regional basis, consumption is estimated to have declined by 3% in Africa, 2% in Asia and 4% in Europe whereas the Americas recorded an increase of 1%.

The world refined copper market witnessed a deficit of 75 000 tonnes across the first half of 2017 – including a shortfall of 70 000 tonnes in June, the ICSG figures reveal.