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In 2014, refined copper production is expected to grow by around 5.5% to 22.1 Mt with the restoration of production at existing plants and new and expanded capacity at electrolytic plants in China, and to a lesser ext..

25 Oct 2013

LISBON, PORTUGAL (Commodity Online): World refined copper production in 2013 is expected to increase by 3.9% compared to 2012 as constrained production from maintenance and temporary operational shutdowns in some regions is ovrshadowed by expanded output in other regions, according to International Copper Study Group (ICSG).

In 2014, refined copper production is expected to grow by around 5.5% to 22.1 Mt with the restoration of production at existing plants and new and expanded capacity at electrolytic plants in China, and to a lesser extent SX-EW plants in Africa. Primary refined copper production is expected to grow by about 7% and secondary production by 2%.

ICSG expects world apparent refined demand in 2013 to remain unchanged from that in 2012 (20.5 Mt). Although real demand for copper in China is expected to increase by about 6% in 2013, apparent demand in China (that is uncorrected for unreported stock changes) is expected to decrease in 2013 as a result of much lower refined imports. Usage in the rest of the world is expected to increase by around 1%. With better prospects for the world economy in 2014, world usage is expected to grow by around 4.5% in 2014 with world-ex-China expected to grow by 2.5%.

In the near future ICSG intends to report an adjusted demand number for China usage that takes into account changes in the level of bonded warehouse stocks.

Strong growth is expected to continue in 2014 and 2015 as mine projects that were deferred or delayed during the financial crisis are expected to start coming on stream. Expansions and project startups during 2013 and 2014 are expected to increase world mine production to around 18.6 Mt (million tonnes) in 2014 from 16.7 Mt in 2012. Most of the new production is expected to be copper in concentrate, with only limited electrowinning expansion anticipated.


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