World refined copper balance for the first nine months of 2018 (including above referred usage upward revisions) indicates a deficit of about 595,000 t: 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 attached table 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. The 2018 market deficit was higher than indicated in last month’s copper bulletin due to the upward revisions in refined usage for China and the United Sates explained above. In the first nine months of 2018, the world refined copper balance adjusted for changes in Chinese bonded stocks indicated a market deficit of around 680,000 t.
Updated On 02-Jan-2019
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