London 17/06/2016 - The copper and zinc markets were oversupplied in the first four months of the year while the rest of the base metals were in deficit, the World Bureau of Metal Statistics (WBMS) said.
Copper was in a surplus of 26,000 tonnes in January-April after a surplus of 404,000 tonnes in the whole of 2015. World mine production was 6.47 million tonnes, up 5.1 percent on the first four months of last year.
Global refined production rose 5.7 percent to 7.81 million tonnes up, with a significant increase recorded in China - up 252,000 tonnes - and Chile - up 48,000 tonnes. Global consumption was 7.784 million tonnes, up from 7.234 million tonnes in the same comparison.
The zinc market was in a surplus of 6,700 tonnes in January-April, narrowing from a surplus of 106,000 tonnes in the whole of the previous year, WBMS said
In the first four months of 2016, global refined production fell by 4.5 percent and consumption rose 0.4 percent from a year earlier. World demand was 16,000 tonnes higher, with Chinese apparent demand at 2.074 million tonnes - more than 47 percent of the global total.
Conversely, aluminium was in a deficit of 298,000 tonnes after a deficit of 308,000 tonnes recorded for the whole of last year. Demand in the first four months of this year at 18.84 million tonnes was up 61,000 tonnes on the the first four months of 2015. Production fell 1.1 percent or 61,000 tonnes.
Lead was in deficit by 29,000 tonnes in January-April, which follows a deficit of 4,000 tonnes for the whole of 2015.
The nickel market was also in deficit in the first four months of the year, with apparent demand exceeding production by 8,800 tonnes. In the whole of 2015, WBMS pegged the surplus at 45,000 tonnes.
Mine production during January-April was 690,100 tonnes or 19,300 tonnes below the comparable 2015 total.
The tin market was undersupplied by 3,800 tonnes in the first four months of the year although global reported production, excluding re-processed LME metal, rose 8,300 tonnes from the same period of 2015.
Production in Asia increased to 101,200 tonnes from 91,200 tonnes but apparent demand in China rose 12 percent.
Global tin demand in January-April was 123,000 tonnes, an increase of 4.3 percent from a year ago, WBMS said.
(Editing by Mark Shaw)