The global copper market begins to experience a deficit

According to data released by the International Copper Research Group (ICSG), the global refined copper market is experiencing a 69,000 tonne deficit. Figures do not include adjustments to changes in China's customs stocks.

The balance of refined copper, including China's customs stocks, has a 305,000 tonne deficit between January and May 2014, compared with a 65,000 tonne deficit in the corresponding period in 2013, when China's customs stocks rose by almost 160,000 tonnes per year. during the first five months of the year.

The data also show that the revised copper balance for the initial five months in 2014 ended with a deficit of 466,000 tonnes. This is compared with the production surplus in the same period last year, as noted by the ICSG.

At the same time, copper imports in the country grew by a record 65 percent compared to last year. Strong demand growth in China was boosted by global copper demand, which rose 15.5 percent from 2013.

World production of refined copper increased by 7 percent in the first half of 2014. During this period, primary production showed an increase of 6.5 percent, while secondary production increased by 7 percent. ICSG data indicates that global mine production is estimated to have increased by 5 percent during this period.