Nov 7 (LTIT) –The preliminary data for world copper supply and demand for the month of July 2019 indicates that the market ended in nominal deficit during the initial seven-month period of the current year. This is in accordance with the October 2019 Copper Bulletin published by the International Copper Study Group (ICSG).The trade group noted that refined copper market balance indicates a deficit of approximately 325,000 tonnes in Jan-July ’19.

The world copper mine production witnessed a decline of nearly 1.3% during the seven-month period of 2019. The concentrate production has declined by about 1%, whereas the SX-EW output has dropped by 2.7%. The notable production declines in Chile and Indonesia offset the production growth reported by other major producing countries. The Chilean output was down by 2%, mainly on account of lower copper head grades and extended production declines at certain mines. The concentrate production in Indonesia tumbled by 55%. The major producing countries to report rise in production included Peru, Australia, China and Mexico.