Data released by the World Bureau of Metal Statistics on its website on Wednesday showed that the global copper market supply was 212,600 tons short in January-December 2017 and was short of 102,000 tons in 2016. However,
As of the end of December, the global reportable copper inventories increased by 1,500 tons compared with the end of December 2016.
Global mine copper output in 2017 was 20.19 million tonnes, a decrease of 1.3% over 2016.
Global refined copper production in 2017 was 23.5 million tonnes, an increase of 0.9% over the previous year, with a sharp increase of 453,000 tonnes in China and a reduction of 181,000 tonnes in Chile.
Global copper consumption in 2017 was 23.73 million tons, with consumption of 23.41 million tons in 2016.
Apparent copper consumption in 2017 in China increased by 281,000 tons compared with 2016 to 11,192,300 tons, accounting for more than 50% of the total global consumption.
Over the same period, copper production in the EU-28 increased by 3.0% and its demand was 2.423 million tons, an increase of 2.0% over 2016.
In December 2017, the global refined copper production was 2,094,000 tons and the consumption was 2,316,100 tons.