Singapore 21/07/2016 - All base metals were in deficit in January-May, with the copper market undersupplied by 48,000 tonnes during the period, the World Bureau of Metal Statistics (WBMS) said Wednesday.
The copper market moved into a deficit from a surplus of 26,000 tonnes in January-April. The market registered a surplus of 373,000 tonnes in the entire 2015.
World copper mine production was 8.14 million tonnes in the first five months of the year, up 4.8 percent from the same period last year
Global refined copper production in January-May rose 4 percent to 9.66 million tonnes, with a significant increase recorded in China - up 260,000 tonnes - and Chile - up 36,000 tonnes.
Global copper consumption was 9.706 million tonnes in the same five months, up from 9.136 million tonnes in the same comparison. Chinese apparent consumption during the period rose by 487,000 tonnes to 4.841 million tonnes, accounting for half of global demand.
In May alone, global refined copper production and consumption were at 1.874 million tonnes and 1.929 million tonnes respectively.
The zinc market was in deficit of 52,000 tonnes in January-May, compared to a surplus of 6,700 tonnes in January-April. The market was in a surplus of 194,000 tonnes in 2015.
In the first five months of 2016, global refined zinc production and consumption fell by 5 percent and 0.8 percent year-on-year respectively.
World zinc demand was 44,000 tonnes lower year-on-year in January-May, with Chinese apparent demand at 2.674 million tonnes - more than 48 percent of the global total. Chinese refined metal demand rose 6.8 percent but its output slipped 0.3 percent year-on-year during the same period.
The nickel market deficit expanded to 42,600 tonnes in January-May, from 8,800 tonnes in the first four months of the year. In the whole of 2015, WBMS pegged the surplus at 45,000 tonnes.
Refined nickel production and demand in January through May totalled 728,000 tonnes and 770,000 tonnes respectively. Mine production during the same period was 801,100 tonnes, 82,100 tonnes below the comparable 2015 total.
The aluminium market deficit expanded to 408,000 tonnes in January-May from a deficit of 298,000 tonnes in January-April and a deficit of 331,000 tonnes recorded for the whole of last year. Aluminium demand in the first five months of this year at 23.82 million tonnes was up 106,000 tonnes or 0.5 percent on the first five months of 2015. Production fell 1 percent or 232,000 tonnes.
Chinese aluminium output was estimated at 12.616 million tonnes in January-May, accounting for almost 54 per cent of world production. Chinese apparent demand was 0.2 percent lower year-on-year during the same period.
The deficit in the lead market narrowed to 27,000 tonnes in the first five months of the year from 29,000 tonnes in January-April. The market saw a deficit of 4,000 tonnes for the whole of 2015.
World refined lead production from both primary and secondary sources from January till May was 4.223 million tonnes which was 1.2 per cent higher year-on-year. Global lead demand rose 85,000 tonnes year-on-year during the same period this year.
Apparent lead consumption in China totalled 1.59 million tonnes in January-May, which was 12,000 tonnes below the comparable period in 2015 and represented over 37 percent of the global total.
The tin market was undersupplied by 2,000 tonnes in January-Mary, compared to 3,800 tonnes in January-April. Global reported refined tin production, excluding re-processed LME metal, rose 13,300 tonnes year-on-year in the first five months of the year.
Refined tin production in Asia increased to 128,400 tonnes during the period from 114,500 tonnes the months last year.
Global tin demand in January-May was 154,500 tonnes, an increase of 4.6 percent from a year ago, with apparent demand in China rising 13 percent.