OZL 1.05% $9.42 oz minerals limited

small copper surplus

  1. 21,072 Posts.
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    With all the mine closures etc it could be in ozl favour sooner than later, and we may see a rerating of copper.




    SINGAPORE, Nov 21 (Reuters) - The world refined copper
    market saw a surplus of 74,000 tonnes between January and
    August this year, versus a surplus of 22,000 tonnes in the
    year-ago period, the International Copper Study Group (ICSG)
    said in its latest monthly bulletin.

    The Lisbon-based ICSG said world refined copper output in
    January to August was 12,221 million tonnes, while consumption
    reached 12,147 million tonnes. World refined copper consumption
    and supply trends, 2007-2008, in thousands of tonnes:

    Jan-July 08 Jan-July 07
    World mine production 10,061 10,161
    World mine capacity 12,187 11,838
    Mine capacity utilization (pct) 82.6 85.8
    Primary refined production 10,411 10,093
    Secondary refined production 1,810 1,784
    Refined production 12,221 11,877
    (secondary+primary)
    World refinery capacity 14,893 14,262
    Refinery capacity utilization (pct) 82.1 83.3
    World refined consumption (1) 12,147 11,854
    Refined stocks (end of period) 1,293 1,223
    Period stock change -129 96
    Refined surplus/deficit (2) 74 22
    Refined surplus/deficit 206 149
    (seasonally adjusted) (3)

    (1) = Based on EU apparent usage.

    (2) = Surplus or deficit is calculated using total refined
    production minus refined consumption.

    (3) = Surplus or deficit is calculated using seasonally
    adjusted refined production minus seasonally adjusted refined
    usage.
    (Reporting by Nick Trevethan; Editing by Ben Tan)



 
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