NEW YORK (Commodity Online): United States copper production increased slightly to about 1.12 million tons and its value rose to about $10 billion in 2011, said the U.S. Geological Survey (USGS) in a research note. The country produced 1.11 tons in 2010.
According to USGS, Arizona, Utah, New Mexico, Nevada, and Montana—in descending order of production—accounted for more than 99% of domestic mine production; copper also was recovered in Idaho and Missouri.
U.S. copper mine production rose slightly in 2011 as restorations of mine cutbacks instituted at year end 2008 were mostly offset by lower ore grades at a major producer. Electrolytic refinery production declined owing to the 2010 closure of a refinery that treated imported anode and to lower domestic smelter output, the latter resulting in increased concentrate exports.
U.S. copper mine production was expected to rise by more than 100,000 tons in 2012, primarily owing to continued restoration of cutbacks. Domestic consumption of refined copper was nearly unchanged in 2011, USGS added.
Copper demand from the mounting debt crises in the European Union and slower growth policies in China, the spot price fell sharply to $3.16 per pound during a 1-week period, the lowest level since July 2010.
In September, however, the International Copper Study Group projected that global refined copper demand in 2011 would exceed refined copper production by about 200,000 tons, continuing the production deficit experienced in 2010, as operational problems and labor unrest, including strikes in Chile and Indonesia, continued to constrain world copper mine output.
Global consumption and production of refined copper were projected to increase by 1.5% and 2.3%, respectively, in 2011.
