NEW YORK The global refined copper market deficit narrowed to 5,000 tonnes in February from 123,000 tonnes the previous month, according to preliminary data from the International Copper Study Group (ICSG).
World consumption totaled nearly 3.59 million tonnes in January and February, up 12.1 percent from the first two months of 2013, led by a 22-percent jump in demand from China. Excluding China, world consumption rose 5 percent, with increased usage in the European Union (up 15 percent), Japan (up 13 percent) and the United States (up 2.5 percent).
Global refined copper production in the first two months of this year increased 4.7 percent to nearly 3.46 million tonnes, with primary production up 4.6 percent to 2.86 million tonnes and secondary output up 5.3 percent to 601,000 tonnes. All major copper-producing countries reported higher output, except Indonesia, where a ban on concentrate exports led to a 26-percent drop in production.