World refined copper consumption outpaced production by 267,000 tonnes in the first four months of the year, compared with a surplus of 35,000 tonnes in the year-ago period, the International Copper Study Group said in its latest monthly bulletin.
Lisbon-based ICSG said world refined copper output in January through April was 5.949 million tonnes, while consumption totalled 6.216 million. In April, the market was in deficit by 91,000 tonnes. "The refined copper market had an apparent production deficit in April 2007 of about 90,000 metric tonnes, decreasing to about 45,000 tonnes after making seasonal adjustments for world refined usage and production," the Group said. ICSG estimated a 10.5 percent increase in world refined copper consumption from January to April.
"Chinese apparent usage grew by 38 percent during the first four months of 2007, compared with that of the first four months of 2006, as net imports of refined copper rose by 270 percent to about 480,000 tonnes.
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