Copper Was In 76200 Tonnes Surplus In February 2013 Says WBMS

Copper........

World Bureau of Metals Statistics (WBMS) has come up with its numbers for major metals. The agency has said that World copper markets were in surplus of 76200 tonnes in the month of February 2013, as compared to a surplus of 52800 tonnes in January 2013. Copper was in surplus of 34000 tonnes in whole of 2012. On a cumulative basis, copper markets recorded a surplus of 129000 tonnes in January-February 2013 compared to a deficit of 67500 tonnes in the corresponding period last year. The closing stocks at the end of February were 1.18 million tonnes, up 12 percent from the year ending 2012 when stocks were 1.02 million tonnes. World mined copper production in February 2013 was 1.383 million tonnes, down 4 percent from 1.44 million tonnes in January 2013. In Jan-Feb 2013, World mined copper production was 2.82 million tonnes across globe compared to 2.59 million tonnes in Jan-Feb 2012. Refined Production of Copper was 1.643 million tonnes in February 2013, compared to 1.68 million tonnes in January 2013. Production of refined copper in Jan-Feb 2013 was 3.32 million tonnes, compared to 3.26 million tonnes in Jan-Feb 2012. Indian refined copper production in Jan-Feb 2013 was 111800 tonnes compared to 121100 tonnes in Jan-Feb 2012. Production of refined copper in February was 55900 tonnes, unchanged from Jan. China refined copper production was 923900 tonnes in Jan-Feb 2013 compared to 833600 tonnes in similar period last year. Meanwhile, World refined copper consumption was 3.19 million tonnes in first two months of the year compared to 3.32 million tonnes in Jan-Feb 2012. Chinese refined copper consumption was 1.31 million tonnes in Jan-Feb 2013, compared to 1.42 million tonnes in Jan-Feb 2012. Refined consumption in US declined by 15 percent to 252000 tonnes in Jan-Feb 2013 compared to 298000 tonnes in similar period last year. Source  by Commodity Insights