LONDON ( Scrap Monster): The global copper market recorded a deficit of 125000 tons in the first ten months of this year which follows a surplus of 244000 tons in the whole of 2011, as per latest monthly data released by the World Bureau of Metal Statistics (WBMS).

According to WBMS data, reported stocks rose by 50400 tonnes during October and ended the month 64000 tonnes lower than at the end of 2011.

Global Copper production
Global copper mine production in January to October was 14 million tonnes which was 4.3% higher than in the same period in 2011.

Global refined copper production rose to 16.83 million tonnes up 2.2% compared with the first ten months of 2011 with significant increases recorded for Spain 64300 tonnes and in India by 16800 tonnes. Chilean output fell by 138700 tonnes. Refined copper production was 1.73 million tonnes in October 2012.

Global Copper consumption
Global copper consumption for January to October 2012 was 16958 kt and the comparable figure for the 2011 calendar year was 16225 kt.

Chinese apparent consumption in January to October 2012 rose by 981000 tonnes to 7.28 million tonnes which represented just under 43 per cent of global demand. EU27 demand was, at 2.55 million tonnes, 9.3% below the January to October 2011 total. Refined consumption of Copper was 1.62 million tonnes in October 2012.