World refined copper balance for 2016 indicates a deficit of around 50,000 t (including revisions to data previously presented): This is mainly because of a 2.5% increase in Chinese apparent demand In developing its global market balance, ICSG uses an apparent demand calculation for China that does not take into account changes in unreported stocks [State Reserve Bureau (SRB), producer, consumer, merchant/trader, bonded]. To facilitate global market analysis, however, an additional line item—Refined World Balance Adjusted for Chinese Bonded Stock Changes—is included in the table below that adjusts the world refined copper balance based on an average estimate of changes in unreported inventories provided by three consultants with expertise in China’s copper market In 2016, the world refined copper balance adjusted for changes in Chinese bonded stocks indicates a deficit of around 42,000 t. The refined copper market balance for the month of December 2016 showed a small surplus of around 20,000 t.
Updated On 04-Apr-2017
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