ICSG Announces Balanced Copper Market in Early-2020
The world refined copper output soared by almost 3% in the first month of the current year.
SEATTLE (Scrap Monster): The preliminary production data for the opening month of 2020 indicates that world refined copper ended in a balanced market.
According to the April 2020 Copper Bulletin published by the International Copper Study Group (ICSG), the world copper mine production increased marginally by 0.5% in January this year, compared with Jan ’19. The concentrate production has remained more or less flat, whereas the SX-EW output has reported 2% surge. The Chinese mine production dipped by 4%. On the other hand, Chilean output recorded marginal jump by 0.5%.
The world refined copper output soared by almost 3% in the first month of the current year. The primary production surged higher by 5%, whereas the secondary production from scrap recorded 3% year-on-year decline. The aggregated production in the DRC and Zambia declined by 14% on account of temporary shutdowns and operational issued. The Japanese refined production was up by 3%. The Chinese refined production indicated a growth of almost 1.5%.
The apparent refined copper usage grew modestly by 0.5% in January 2020, compared to the same month in 2019. The Chinese apparent usage registered a decline of 3%. The demand increased in the U.S. and EU regions, but registered decline in Japan.
In the opening month of the year, the world refined copper balance indicated a balanced market, said ICSG report.
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