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According to the latest data released by the International Copper Research Group (ICSG), global refined copper production is expected to increase by 3%
in the first quarter of 2018.
The company said copper production rose 6 percent in the second quarter, up from 2.
3 percent
a year earlier.
In the first quarter of this year, refined copper production averaged about 330,000 tonnes
per month.
This is mainly due to the fact that production in Chile, the world's largest copper producer, increased by nearly 20%, while copper production from the Indonesian copper mine increased by a significant 58%.
By region, mine production in Africa, the Americas, Asia, Europe and Oceania is estimated to have increased by approximately 11%, 7%, 6%, 4% and 5%.
While there were no major supply disruptions in the first quarter of the year, lower production at some mines in Canada and the United States (-10% and -7.
5%, respectively) somewhat offset overall growth
, market analysts said.
China's refined copper consumption rose by about 5%, the largest contributor to production growth, with consumption growth increasing net refined copper imports by 10%.
In the rest of the world, usage fell by about 1%.
The global refined copper balance sheet for the first quarter of 2018 showed a copper surplus of approximately 150,000 tonnes
.
