Mixed fundamental data on Q1 In contrast, the latest data from the ICSG pegged the market in a surplus (for a fourth month in a row) of 55,000 tonnes in March, bringing the cumulative Q1 surplus to 153,000 tonnes. According to the ICSG, refined production rose...
The latest WBMS data suggest that the global copper market was in a deficit of 96,000 tonnes in April, bringing the group’s take on the January-April deficit to 215,000 tonnes. According to the WBMS, refined production grew 2.9% year on year in January-April 2018, while refined consumption expanded by 4.6%. But we think the WBMS is painting an overly bullish picture of the fundamentals by overstating demand growth.
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