London 17/08/2016 - All base metals were in deficit in January-June, with the copper market undersupplied by 197,000 tonnes during the period, the World Bureau of Metal Statistics (WBMS) said Wednesday.
Reported stocks fell during June and closed 86,000tonnes lower than at the end of December 2015. The market registered a surplus of 373,000 tonnes in the entire 2015.
World copper mine production was 10 million tonnes in the first six months of the year, up 5.9 percent from the same period last year
Global refined copper production in January-June rose 3.4 percent to 11.6 million tonnes, with a significant increase recorded in China - up 250,000 tonnes - and Chile - up 28,000 tonnes.
Global copper consumption was 11.8 million tonnes in the same six months. Chinese apparent consumption during the period rose by 522,000 tonnes to 5.852 million tonnes, accounting for just under half of global demand.
The zinc market was in deficit of 32,000 tonnes. In the first six months, global refined zinc production and consumption fell by 4.6 percent and 1.4 percent year-on-year respectively.
World zinc demand was 92,000 tonnes lower year-on-year in January-June, with Chinese apparent demand at 3.260 million tonnes - more than 48 percent of the global total.
The nickel market deficit expanded to 80,800 tonnes in January-June. In the whole of 2015, WBMS pegged the surplus at 45,200 tonnes.
Refined nickel production and demand in January through June totalled 874,000 tonnes and 955,000 tonnes respectively. Mine production during the same period was 956,700 tonnes, 100,400 tonnes below the comparable 2015 total.
The aluminium market deficit expanded to 479,000 tonnes in January-June from a deficit of 331,000 recorded for the whole of last year. Aluminium demand in the first five months of this year at 28.73 million tonnes was down 113,000 tonnes on the first five months of 2016. Production fell 1.2 percent.
Chinese aluminium output was estimated at 15.320 million tonnes in January-June, accounting for almost 54 per cent of world production. Chinese apparent demand was 1.8 percent lower year-on-year during the same period.
The deficit in the lead market was 46,000 tonnes - it saw a deficit of 4,000 tonnes for the whole of 2015.
World refined lead production from both primary and secondary sources was 1.9 percent higher year-on-year. Global lead demand rose 136,000 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 7,200 tonnes in January-June. Global reported refined tin production, excluding re-processed LME metal, rose 12,800 tonnes year-on-year in the first six months of the year.
Global tin demand in January-June was 188,600 tonnes, an increase of 4.7 percent.