The prices were at unnoticeable at Rs 363.3 per kg. Meanwhile, Chinan++s refined copper output rose 8.5 percent in March from a year ago to its highest since at least December 2015. Underlying the healthy supply picture, the International Copper Study Group said the global world refined copper market showed a 51,000-tonne surplus in January.
As per WBMS, copper market recorded a surplus of 335 kt in January to February 2017 which follows a surplus of 215 kt in the whole of 2016. Reported stocks rose during February and closed 72 kt higher than at the end of December 2016. No allowance is made in the consumption calculation for unreported stock changes, particularly in the Chinese government stockpile.
World mine production in January to February 2017 was 3.36 million tonnes which was 6.4 per cent higher than in the same period in 2016. Global refined production rose to 3.85 million tonnes up 1.9 per cent compared with the previous year with a significant increase recorded in China (up 88 kt) and India (up 9 kt).
Global consumption for January to February 2017 was 3.52 million tonnes compared with 3.70 million tonnes for the same months of 2016. Chinese apparent consumption in January to February 2017 fell by 143 kt to 1680 kt compared to the same months of 2016 and represented just under 48 per cent of global demand. EU28 production fell by 0.3 per cent and demand was 498.3 kt, 11.7 per cent below the January to February 2016 total. In February 2017, refined copper production was 1894.3 kt and consumption was 1708.1 kt. — Neal Bhai Reports