The World Copper markets were in deficit of 94000 tonnes in the first five months of January-May 2012. The report from World Bureau of Metal Statistics (WBMS) showed that in 2011, the Copper markets were in surplus of 421000 tonnes.
Declines were noted in stocks level. The stocks totalled 128000 tonnes lower than at the end of 2011. World mine production in January-May 2012 was 6.78 million tonnes that was 2.4% higher than similar period last year.
Refined Copper production in May was 1.67 million tonnes in May 2012. Global refined production was 8.38 million tonnes, up 3.4% in Jan-May 2012. Increases were recorded in Spain by 39200 tonnes. Indian production increased by 12100 tonnes, while Iran and Chile showed a gain of 10800 tonnes and 80100 tonnes respectively.
World refined Copper consumption was 8.47 million tonnes in first five months of this year. The consumption stood at 19.47 million tonnes in Jan-May 2012. China apparent consumption remained strong reaching 3.67 million tonnes in Jan-May 2012 and up by 800000 tonnes. Demand from European Union remained weak at 9.1% in January-May 2012 at 1.33 million tonnes. Refined Copper consumption in May 2012 was 1.65 million tonnes.
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