Indian Copper Gyrates Up by 15% in March Month

Indian Copper moved up by 15 percent in March 2018 on a year on year basis. The prices averaged at Rs 442.52 kg by the end of March 2018. A marginal slide of 1.87% was seen on a monthly basis though. The prices were down by percent from Rs 451 per kg in February 2018. The latest estimates of International Copper Study Group (ICSG) are out. As per the report, World refined copper balance for 2017 indicates a deficit of about 163,000 t.

World mine production is estimated to have declined by around 2% in 2017, with concentrate production declining by 1.6% and solvent extraction-electrowinning (SX-EW) by 3%. Mine production fell 4% Y-o-Y in the 1st half of 2017 due to a series of supply constrains but the situation improved in the 2nd half with output remaining essentially flat on Y-o-Y basis but increased by 10% compared to the 1st half 2017. A 1% decline in Chile, the worlds biggest copper mine producing country which was negatively affected by the strike at the Escondida mine.

World refined production is estimated to have increased by 0.6% in 2017 with primary production (electrolytic and electrowinning) declining by 0.15% and secondary production (from scrap) increasing by 4.5%.The main contributor to growth in world refined production was China (increase of 5%), followed by India (6%) and some EU countries where output recovered after maintenance shutdowns in 2016. Production also decreased in the third and fourth ranked refined copper producers, namely, Japan (-4%) and the United States (-12%) mainly due to maintenance shutdowns at several plants.