Global Copper Market Oversupply of 241,000 Tons From January to March 2019

According to foreign media reports on the 22nd, the World Bureau of Metal Statistics (WBMS) released a report on Wednesday that the global copper market supply surplus of 241,000 tons from January to March 2019, and the annual supply gap of 418 tons in 2018.

At the end of March, copper stocks were reported to increase by 115,000 tons from the end of December 2018.

From January to March 2019, global mine copper production was 4.99 million tons, down 0.6% from the same period last year.

Global refined copper production in January-March 2019 was 5.53 million tons, down 6.5% year-on-year. Among them, India's production dropped significantly, with a decrease of 98,000 tons; Chile decreased by 85,000 tons.

Global copper consumption in January-March 2019 was 5.29 million tons, compared with 5.72 million tons in the same period last year.

China's apparent demand in January-March was 2.653 million tons, down 6% from the same period last year. The output of the EU 28 countries fell by 3.1% year-on-year, and the demand was 765,000 tons, down 9.6% year-on-year.

In March 2019, global refined copper production was 1,893,800 tons and consumption was 1.8 million tons.

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Shirley N.//SMC Editor