World Refined Copper Indicated Deficit of
163,000 t in 2017: ICSG

In a report by ICSG, World refined copper balance for 2017 indicates a deficit of about 163,000 t (including revisions to data previously presented): This is mainly due to an almost stagnant situation in world refined copper supply. 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 2017, the world refined copper balance adjusted for changes in Chinese bonded stocks indicates a deficit of around 135,000 t.