NEW YORK The global refined copper market deficit narrowed to 69,000 tonnes in May, down 62.9 percent from 186,000 tonnes the previous month, as production increased 3.3 percent and consumption fell 2.8 percent, preliminary International Copper Study Group (ICSG) data show
World refined copper production increased to 1.89 million tonnes from 1.83 million tonnes in April, while refined copper usage of 1.96 million tonnes fell from nearly 2.02 million tonnes in the same comparison.
The global refined copper deficit for the first five months of the year totaled 466,000 tonnes in contrast to a 251,000-tonne surplus in the same period in 2013.
A 6.7-percent increase in world refined copper production to nearly 9.01 million tonnes through May was outpaced by a 15.6-percent jump in refined copper usage to 9.54 million tonnes. The rise in refined usage was led by a 29-percent gain in apparent Chinese demand to 995,000 tonnes, the ICSG said. Excluding China, global usage grew 6 percent, driven by an 18-percent gain in the European Union and a 13-percent increase in Japan.
Chinese bonded stocks at the end of May were about 160,000 tonnes higher than at the start of the year but were down by 315,000 tonnes compared with a year earlier.