The International Copper Study Group (ICSG) has released preliminary data for the month of May this year in its August 2016 Copper Bulletin. According to preliminary ICSG data, copper production and usage data indicates that the refined copper market ended in a production deficit of around 222,000 metric tonnes.World refined production increased by nearly 3.5% (nearly 330,000 t) during the first five months of 2016 in comparison with the corresponding five-month period from January to May last year.
The world copper mine production has increased by around 4.0% (nearly 345,000 t) during the initial five-month period of 2016.The mine output from Peru reported significant improvement of 52%, primarily due to new and expanded capacities that has come online during the past two years. The recovery in production by Canada, the US and Mongolia and expanded capacity in Mexico also contributed to the sharp recovery in production levels. On the other hand, production declined by 5% in Chile during the month.The table given below provides World Refined Copper Supply Trends for the first five months of the current year:
Jan ‘16 Feb ‘16 Mar ‘16 Apr ‘16 May ‘16
World Mine Production
|World Refined Production||1,952||1,822||1,988||1,908|
Note: The above figures are in thousand metric tonnes
Chalco Hikes Aluminum Prices in Major Markets on August 24China Aluminum International Trading Co. (Chalco Trading) raised aluminum prices it offered in major markets today after two days of cuts, it said on its WeChat.SHFE 1610 aluminum will hover at highs of RMB 12,400-12,550/mt as shorts will be cautious about entering.
LME lead should challenge USD 2,800/mt with positive fundamentals and SHFE lead will swing between RMB 19,000-19,300/mt. Lead spot prices in China’s domestic market are expected to be at RMB 17,600-17,800/mt
Preliminary data from the International Lead and Zing Study Group reveals the global market for refined zinc metal was in deficit from January to May this year with reported total inventories also declining over that same time frame.Decreases in output from India, Australia, Peru, Ireland and the U.S. led to the significant 7.7% reduction in global zinc mine production in the first half of 2016, compared to the same time period in 2015.World output of refined zinc metal declined by 3.6% with reductions in India, Japan and the U.S. being partially balanced by increases in the Republic of Korea and Namibia,” the ILZSG report stated.The report also stated that world demand for refined zinc metal grew 0.6% due to the rise in Chinese apparent usage, to the tune of 8.2%, that offset declines in Japan, Taiwan, the Republic of Korea and the U.S.
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