The global copper market has recorded a deficit of 41 kt during January to June this year. This follows a deficit of 68 kt recorded during the whole of 2016.
The global mine production during the half-yearly period totaled 10.1 million tonnes. The mine production has declined marginally by 0.1% when compared with the corresponding six-month period last year. Also, global refined copper output registered moderate jump of 1.6% over the previous year to 11.67 million tonnes. The refined copper output by China increased significantly by 329 kt during this period. On the other hand, the increased output from China was partially offset by a reduction in output by Chile. The Chilean refined copper output declined by 168 kt during this period.
The global copper demand during the first six months of 2017 totaled 11.71 million tonnes, slightly lower when compared with 11.88 million tonnes during the same period in 2016. The Chinese apparent consumption totaled 5.659 million tonnes, down by 271 kt when compared with the corresponding six-month period in 2016. The Chinese demand accounted for just over 48% of the global demand. Also, EU-28 apparent consumption declined by 3.1% from Jan-June ’16 levels to 1,715.0 kt.
According to the WBMS report, reported stocks of the metal rose by 71,000 tonnes during the initial six-month period of the year when compared with 2016 closing. However, the reported stocks declined during the month of June this year.
The refined copper output during the month of June this year alone was 2,016.5 kt, whereas consumption during the month totaled 2,013.4 kt.
Global nickel market ended in deficit of 60,300 tonnes during Jan-June ‘17. The calculated full year deficit had stood at 71 kt during the whole of 2016, according to WBMS. The reported metal stockpiles maintained by LME were 0.60 kt lower upon comparison with the closing levels of 2016.
The World Nickel mine production has declined by 38 kt over the previous year to total 899 kt in Jan-June ’17. Refined Nickel production totaled 813.2 kt. The Chinese smelter/refinery production during the six-month period witnessed decline of 28.0 kt compared to 2016. Meantime, apparent demand edged lower by 142 kt in comparison with the previous year, mainly on account of reduced imports of Nickel metal from Russia. The total smelter/refinery production of Nickel was 155.8 kt in June 2017.
The world apparent Nickel demand during the initial six months of 2017 was down by 84.0 kt when matched with the year before. Nickel smelter consumption was 153.4 kt in the month of June alone.