Copper Updates

The copper market recorded a deficit of 267000 tonnes in January to September 2012 which follows a surplus of 248000 tonnes in the whole of 2011. The total reported stocks rose by 3700 tonnes during September and ended the month 129000 tonnes lower than at the end of 2011.
World mine production in January to September was 12.46 million tonnes which was 3.7% higher than in the same period in 2011. Global refined production rose to 15.06 million tonnes up 1.6% compared with the first nine months of 2011 with significant increases recorded for Spain of 66500 tonnes and India of 16800 tonnes. Chilean output fell by 132900 tonnes. Refined Copper production in September 2012 was 1.69 million tonnes.
Global consumption for January to September 2012 was 15.33 million tonnes and the comparable figure for the 2011 calendar year was 14.54 million tonnes. Chinese apparent consumption in January to September 2012 rose by 1.01 million tonnes to 6.60 million tonnes which represented just over 43% of global demand. EU27 demand was, at 2.30 million tonnes, 8.6% below the January to September 2011 total. Refined Copper consumption was 1.72 million tonnes in September 2012.
On Thursday, LME three month Copper forwards was trading at $ 7731 per tonne, up $ 6 per tonne. MCX Copper was trading at Rs 427 per kg, up 0.3%.