London 21/09/2016 - All base metals were in deficit in January-July, with the copper market undersupplied by 151,000 tonnes, the World Bureau of Metal Statistics (WBMS) said.
Reported copper stocks rose during July and closed 37,000 tonnes lower than at the end of December 2015. The market registered a surplus of 373,000 tonnes in the entire 2015, the group said on Wednesday.
World mine production was 11.7 million tonnes in the first seven months of the year, up 5.9 percent from the same period last year
Global refined copper production in January-July rose 3.6 percent to 13.6 million tonnes, with a significant increase recorded in China - up 250,000 tonnes - and Chile - up 37,000 tonnes.
Global copper consumption was 13.72 million tonnes in that period; Chinese apparent consumption rose 521,000 tonnes to 6.736 million tonnes, accounting for just under half of global demand.
The zinc market was in deficit of 106,000 tonnes. In the first seven months, global refined production and consumption fell 4.7 percent and 0.6 percent year-on-year respectively.
World zinc demand was 44,000 tonnes lower year-on-year in January-July, with Chinese apparent demand at 3.79 million tonnes - more than 48 percent of the global total.
The nickel market deficit expanded to 89,500 tonnes in January-July. In the whole of 2015, WBMS pegged the surplus at 45,200 tonnes.
Refined nickel production and demand in January-July totalled 1.029 million tonnes and 1.119 million tonnes respectively. Mine production during the same period was 1.176 million tonnes, 54,800 tonnes below the comparable 2015 total.
The aluminium market deficit expanded to 513,000 tonnes in January-July from a deficit of 331,000 recorded for the whole of last year. Aluminium demand in the first seven months of this year at 33.76 million tonnes was down 51,000 tonnes on the first seven months of 2016. Production fell 0.6 percent.
WBMS estimated Chinese aluminium output at 17.976 million tonnes in January-July, accounting for almost 54 percent of world production. Chinese apparent demand was 1.9 percent lower year-on-year during the same period.
The deficit in the lead market was 88,000 tonnes - the group saw a deficit of 5,000 tonnes for the whole of 2015.
World refined lead production from both primary and secondary sources was five percent higher year-on-year. Global lead demand rose 358,000 tonnes year-on-year during the same period of this year.
The tin market was undersupplied by 7,300 tonnes in January-July. Global reported refined tin production rose 14,700 tonnes year-on-year in the first seven months of the year.
Global tin demand in January-July was 223,000 tonnes, an increase of 4.1 percent.
(Editing by Mark Shaw)