Global copper market was 522,000 tons short from January to August says the International Copper Study Group (ICSG) in its latest report published yesterday.

“In the first eight months of 2012, world apparent usage grew by 5.4% compared with that in the same period of 2011 principally owing to strong growth in Chinese… However, Chinese net imports in the 3rd quarter of 2012 were 24% lower than in the first quarter, and anecdotal evidence suggests that the high import level in early 2012 was accompanied by increased inventories held in bonded warehouses,” says ICSG.

For 2012, mine production was up 3% from 2011.