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ICSG states increase and surplus in January

The International Copper Study Group (ICSG) released preliminary data for January 2016 world copper supply and demand in its April 2016 Copper Bulletin.
Rainer Sturm, pixelio.de
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World refined production is estimated to have increased by aroun
d 7% (130,000t) in January 2016 compared with refined production in the same month of 2015: primary production was up by 7% and secondary production (from scrap) was up by 6%. The main contributor to growth was China (+14%), followed by the United States where production increased by 30%. Output in Chile, the second leading refined copper producer, increased by 4.5%. On a regional basis, refined output in January is estimated to have increased in the Americas (10%), Asia (10%) and Oceania (20%) while declining in Africa (-12%) and remaining unchanged inEurope. The average world refinery capacity utilization rate for January 2016 increased to 85% from 81% in January 2015.
Based on the average of stock estimates provided by independent consultants, China’s bonded stocks in creased by around 15,000 t
in January 2016 from the year-end 2015 level. Stocks increased by around 5,000 t in the same month of 2015. In January 2016, the world refined copper balance adjusted for the change in Chinese bonded stocks indicates a production surplus of around 70,000 t compared to a surplus of around 15,000 t in January 2015.
The average LME cash price for March was US$4,947.55 per tonne, up from the February average of US$4,595.48 per tonne. The 2016 high and low copper prices through the end of March were US$5,103.00 (on 18th Mar) and US$4,310.50 per tonne (on 15th Jan), respectively, and the year-to-date average was US$4,671.91 per tonne (15% below 2015 annual average). As of the end of March, copper stocks held at the major metal exchanges (LME, COMEX, SHFE) totalled 594,627 t, an increase of 112,759 t (23%) from stocks held at the end of December 2015. Compared with the December 2015 levels, stocks were up at the SHFE and COMEX and down at LME.
Source: ICSG

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