The refined global copper market recorded its sixth consecutive year of deficit in 2015, with demand outstripping supply by 57,000 mt for the full-year, preliminary data released by the International Copper Study Group showed Tuesday.
This follows a deficit of 47,000 mt for December.
Seasonally adjusted, the deficit for the full-year 2015 was 53,000 mt, and was as high as 163,000 mt in December.
The full-year deficit for 2015 is the sixth consecutive annual deficit, according to the ICSG, but is down from 420,000 mt reported in 2014.
The seasonally-adjusted deficit for 2014 was 416,000 mt.
The ICSG said the lower deficit in 2015 was due to higher supply, global refined copper up by 1.6% on a year earlier, mining production 3.5% higher -- while demand remained fairly flat.
Higher demand in China offset weaker demand in other regions and countries in 2015, the ICSG said.
The ICSG said earlier this month it expects world refined copper balance to record a deficit of 56,000 mt in 2016 and achieve a surplus of 20,000 mt by 2017.
