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World copper markets in 329 000 t surplus in '08
Updated: 2009-02-19 09:25

The global copper market saw a surplus of 329 000 t in 2008, the World Bureau of Metal Statistics (WBMS) said on Wednesday.

That figure compared with a 119 000-t deficit in 2007, the British-based consultancy said in its monthly report.

World refined copper output rose 2,8% to 18,48-million tons last year, while consumption rose only fractionally over the period to 18,16-million tons.

"Chinese output rose by 280 kt (280 000 t). Bulgarian, Zambian and Chilean output were jointly 271 kt higher than the previous year...," the consultancy said.

WBMS said no allowance was made in its consumption calculations for unreported stock changes and added some of the planned capacity reductions had not yet affected output.

Chilean refined production exceeded three million tonnes for the first time, the organisation said.

Meanwhile, global copper mine production dipped by 0,7 percent from 2007 to 15,53-million tons.

The world lead market recorded a slight surplus of less than 3 000 t last year, compared with a deficit of 203 000 t in 2007.

Aluminium was in surplus by just over one-million tons, zinc output outpaced use by 185 000 t and the nickel market recorded a surplus of 54 100 t, according to WBMS.

In contrast with the other metals, tin was in deficit by 4 300 t last year.


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