The Copper market was in surplus in the first two months of 2011. The market of Copper was in surplus of 118000 tonnes in Jan-Feb 2011 as per the report from World Bureau of Metal Statistics (WBMS).
The surplus is whopping 73% higher than 32000 tonnes surplus in whole of 2010. Refined Copper production rose to 3.11 million tonnes in Jan-Feb, up 1.1%.
Output from China was up by 143000 tonnes whereas another major Chile showed declines of 15300 tonnes to 489000 tonnes.
World mine production in January and February was 2.58 million tonnes, which was 4.6% higher than in the Jan-Feb 2010. Global consumption for January and February 2011 was 2996 kt. The consumption for the year 2010 was 19.13 million tonnes.
China apparent consumption was up by 77000 tonnes to 1078000 tonnes. In February 2011, refined copper production was 1516.8 kt and consumption was 1433.1 kt.
On Thursday, morning quotes of MCX are suggesting marginal softness in prices. The near month contract of MCX Copper is at Rs. 424.3 per kg.
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