The global copper market recorded a surplus in the first half of 2015

The global copper market is at a surplus of 151,000 tonnes at the end of the period from January to June this year, according to the latest report on metal residues published by the World Bureau of Metals Statistics (WBMS). It should be noted that the global copper market reported a surplus of 295,000 tonnes for the entire 2014.

Global mine production from January to June this year was 9.45 million tonnes. Production increased by 3.8 percent compared to the corresponding six-month period in 2014. Meanwhile, global production of refined copper rose 2.4 percent from the previous year. China's copper production showed a significant increase of 161,000 tonnes during this period. Production in the EU28 region increased by 0.5 percent in January-June 2015. In addition, India's refined copper production increased by 48,000 tonnes during the first half of 2015.

Global copper demand in January-June 2015 amounted to 11.099 million tons, which is marginally higher, by 1.18 percent, compared to 11.231 million tons in the same period in 2014. However, Chinese consumption fell sharply during this period to 5.337 million tons. However, Chinese consumption accounts for nearly 48.1 percent of global demand. At the same time, consumption in the EU-28 increased significantly. The growth was 6.8 percent compared to 2014 to 1.783 million tons.

Metal inventories rose 93,000 tonnes in the first six months of this year, compared to closing in 2014, according to the report.