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G. Chandrashekhar

Mumbai , June 30

In the first quarter of this year, the global refined copper market was in a surplus of 64,000 tonnes compared with a deficit of 89,000 tonnes in the same period last year, the International Copper Study Group said in its latest monthly report.

World refined copper production in Q1 was 4.182 million tonnes (mt), while demand data (refined usage) showed a marginal 1.1 per cent year-on-year rise at 4.118 mt compared with 4.078 mt in first quarter of 2005.

On the supply side, world mine production continued to under-perform, posting a 0.75 per cent fall in the first quarter (at 3.503 mt) compared with 3.529 mt during the same period a year ago.

Decline in four of the five leading copper mine producers (Chile, the US, Indonesia and Australia) more than offset increases in other countries, the ICSG said.

Ahead of the FOMC rate announcement on Thursday, market participants seemed cautious.

However, a supportive factor for prices could be the decline in LME copper inventories, which now total 93,000 tonnes, their lowest since early January 2006.

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