The global market for refined copper is seen in a 250,000 tonne production deficit in 2012, before easing to become near balanced in 2013 as global growth slows, the International Copper Study Group (ICSG) said on Tuesday. The ICSG said that it saw a global production deficit of 200,000 tonnes this year.
"By 2013, however, increased production and lower growth in demand are expected to yield a nearly balanced market," it said in a release. World refined copper production was seen at 20.840 million tonnes in 2012. Adjusted for production disruptions, world refined copper production was seen rising by about 3.4 percent to 20.1 million tonnes from 19.5 million tonnes in 2011.
Refined production from scrap is expected to grow by around 10 percent in 2011, slowing to 5 percent growth in 2012. ICSG expects world apparent refined usage in 2011 to grow by 1.5 percent from 2010 to 19.7 million tonnes. For 2012, world usage is expected to grow by 3.6 percent mainly supported by a growth of 6 percent in China as the rest of the world is expected to grow by only 2 percent, the ICSG said.
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