During the period 10mesyachny copper market is in surplus
World Bureau of Metal Statistics published a report on residues of metals. In accordance with the copper market there is an excess in the amount of 266 000 tonnes. The period under review — January-October 2015. At the same time the results of 2014 indicate an excess in the amount of 298 000 tonnes. Global copper production for the period amounted to 15.90 10mesyachny mln. Tons. Production increased by 3.6% compared to the same period last year. Refined copper production increased by 1.1% to $ 19.1 million. Tons in comparison with 2014 year. Smelting of refined copper in China has shown an increase of 36 thousand. Tons in January-October 2015. In India also observed indicators of growth. For 10 months the volume of refined red metal increased by 35 thous. Tons.
Global copper consumption in 10 months has reached 18,798,000. Tons. Compared with the 2014 changes practically not observed. At the same time by the Chinese consumption has increased by 26 thousand. Tons, amounting to 9.211 million. Tons. China consumes total about 49% copper. Also, a decrease in demand is observed on the part of the EU-28. The decline amounted to 1.1% compared to the same period last year.
According to the report for the period 10mesyachny storage volumes have increased by 204 thousand. Tonnes. The comparison is made in 2014 year. This August inventories showed an even larger amount. However, only in October the level of copper in warehouses decreased markedly. In October copper production reached 1984.10 ths. Tons. This consumption amounted to 2006.30 thous. Tons.
Overall in 2015, the copper industry felt the crisis, given the overabundance of supply. At the same time consumption on the part of China, a leader in this area, fell to its lowest level. In December 2015 the cost of a ton of copper on LMEdostigla 4686 USD. The cost of metal, designed for construction and energy, fell to the level of 4617 USD / ton. There is information that in 2016 Ikvartale reduced spot sales of metal in China. The agreement concerning the reduction lies between 9 major smelters industries.
Leader-copper producer Chile published a report about its own mining industry. In accordance with the average amount of costs per pound of metal in IIkvartale reached 1,625 USD. At the same time in 2014, the costs for the same period amounted to 1,655 USD / lb. As you can see, mining companies had won against the background of reducing the cost of energy and fuel.