The global copper market recorded a surplus of 88,000 metric tons in the first eight months of 2006, data from the World Bureau of Metal Statistics showed Wednesday.
Reported stocks increased by 30,000 tons since December 2005.
No allowance is made in the consumption calculation for unreported stock changes, WBMS said.
Copper mine production was 2,000 tons higher than the first eight months of 2005, at 9.79 million tons. Supply problems in Mexico and Indonesia dampened global output and counteracted the effects of increases in Africa and Kazakhstan, WBMS said.
Refined copper production was 11.55 million tons, or 6% above the comparable 2005 total.
Chinese output rose by 350,000 tons, while Indian, Zambian and Japanese production rose by 97,000 tons, 58,000 tons and 101,000 tons, respectively, against the same period of 2005, WBMS said.
Copper consumption in the January to August period was 11.46 million tons, close to 4% higher on the year. The demand data excludes any releases from government stockpiles or any other unreported stocks.
Chinese consumption fell 7% to 2.29 million tons due to lower demand for imported copper, with output of Chinese semi manufactured products estimated to be up by 6.4% in the January-August period compared with the first eight months of 2005, WBMS said.
European demand for copper grew by 16.9%, due mainly to strong demand in Germany and Italy. Demand in Sweden and the U.K. recovered to more normal historical levels, WBMS said.
In August, world refined copper production was 1.47 million tons and demand totaled 1.48 million tons.
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