MTECHTIPS;- World Refined Copper Market In Deficit of 163000 Tonnes Says ICSG

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MTECHTIPS;- World Refined Copper Market In Deficit of 163000 Tonnes Says ICSG

MTECHTIPS-Copper Study Group (ICSG) is out. As per the report, World refined copper balance for 2017 indicates a deficit of about 163,000 t. This is mainly due to an almost stagnant situation in world refined copper supply. World mine production is estimated to have declined by around 2% in 2017, with concentrate production declining by 1.6% and solvent extraction-electrocuting (SX-EW) by 3%: Mine production fell 4% YoY in the 1st half of 2017 due to a series of supply constrains but the situation improved in the 2nd half with output remaining essentially flat YoY but increasing by 10% compared to the 1st half 2017. The reduction in world mine production was mainly due to: A 1% decline in Chile, the world’s biggest copper mine producing country which was negatively affected by the strike at the Escondida mine in the first part of the year and lower output from Codelco mines. Reductions in concentrate production in Argentina, Canada and Mongolia of 59%, 14% and 14% respectively that were mainly due to lower grades in planned mining sequencing and Argentina’s Alumbrera mine approaching end of life. A 12.5% decrease in Indonesian concentrate production as output was constrained by a temporary ban on concentrate exports that started in January and ended in April. A 12% fall in production in the United States mainly due to lower ore grades, reduced mining rates and unfavourable weather conditions at the beginning of the year. However, these reductions in output were partially offset by 30% and 4% increases in Kazakhstan and Peruvian mine production respectively, with both countries benefiting from new and expanded capacity that was not yet fully available in 2016. Brazil, Mexico, Myanmar, Spain and Sweden also contributed to world growth. On a regional basis, mine production is estimated to have declined in the Americas by 2%, in Asia by 4% and in Oceania by 5% while increasing in Africa and Europe (including Russia) by 2.5% and 2% respectively World refined production is estimated to have

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