World refined copper output up 2.3% in H1, 2008: ICSG

Written by Commodities Bureau | Mumbai, Sep 24 | Updated: Sep 25 2008, 06:02am hrs
World refined copper production in the first half (January-June) of 2008 increased by 2.3% compared with production in the same period of 2007: both primary production and secondary production (from scrap) went up, by 2.4% and 1.6% respectively, according to latest report released by the International Copper Study Group (ICSG).

Production was down in several countries including Chile, India, Japan, South Korea, Mexico and the US, where output was affected by operational problems, labour issues, maintenance shutdowns, lower ore grades and adverse weather conditions, report said. However, those decreases were more than offset by increases in other countries such as China, Congo, Peru and Russia.

On a year-on-year basis, refined production was up in Africa (2.9%), Asia (3.9%) and Europe (2.9%) and remained at level in Oceania and the Americas. According to the preliminary ICSG data, the refined copper balance for the first half of 2008, including revisions to data previously presented, indicated a production deficit of about 1.30 lakh tonne compared with a production deficit of around 2.65 lakh tonne for the same period in 2007. World refined usage in the first half of 2008 was essentially unchanged from usage in the same period of 2007 (+0.7%).

Usage remained depressed in two of the main user regions, the EU-15 countries and the US, where it decreased by 5% and 4%, respectively. Chinese apparent usage was up by 3.8% compared to that of 2007.