LONDON (Thomson Financial) - The refined copper market had an apparent production surplus in January 2007 of about 40,000 tonnes, increasing to 58,000 tonnes after seasonal adjustments, according to preliminary data from the International Copper Study Group.
This compares with a production surplus of only 14,000 tonnes, or a seasonally adjusted surplus of 31,000 tonnes in January last year, said the ICSG.
While global refined copper consumption rose an annual 6 pct in January this year, refined copper production rose 8 pct on the year, leaving the market in surplus, said the group.
It added that global stocks held in major exchanges the LME, Shanghai and COMEX increased by 20,705 tonnes at end-March compared to levels seen at the end of December.
Stocks at COMEX and LME were down while stocks in Shanghai rose.
Data from the ICSG does not take into account stock changes in China's Strategic Reserve Bureau, which are unreported and which could particularly affect the calculation of China's apparent consumption in 2006. maytaal.angel@thomson.com ma/ejp COPYRIGHT Copyright AFX News Limited 2007. All rights reserved. The copying, republication or redistribution of AFX News Content, including by framing or similar means, is expressly prohibited without the prior written consent of AFX News.
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