The global copper market recorded a deficit of 213 kt in January to April 2018 which follows a deficit of 235 kt in the whole of 2017, according to a latest update from the World Bureau Of Metal Statistics (WBMS). Reported stocks rose during January and April and closed 262 kt higher than at the end of December 2017. These increases included net deliveries of 65 kt into LME warehouses in Asia and a further 30 kt into Dutch LME warehouses.
World mine production in January to April 2018 was 6.7 million tonnes which was 4.7% higher than in the same period in 2017. Global refined production for January to April 2018 was 7.77 million tonnes up 2.9% compared with the previous year with a significant increase recorded in China (up 128 kt) and in Chile (up 51 kt). Global consumption for January to April 2018 was 7.99 million tonnes compared with 7.64 million tonnes for the same months of 2017 – recording a rise of 4.58%.
WBMS estimates that imports of refined copper into China rose to about 340 kt in April bringing the year to date figure to 1193 kt which is 18% above the comparable total for 2017.Chinese estimated demand for January to April 2018 was 4262 kt which was 17% above the previous year’s total and represented over 53% of the global total. EU28 production fell by 1% and demand was 1139 kt, 4.6% above the January to April 2017 total. In April 2018, refined copper production was 1952.2 kt and consumption was 2047.3 kt.