Copper Consumption Growth

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Comment on the recent World Bureau of Metal Statistics communique

Peter Holland (*)
Bloomsbury Mineral Economics Ltd.

“The World Bureau of Metal Statistics’ (WBMS’) May communique recorded global copper consumption of 5.61 Mt in 2017 Q1. That is slightly lower than their figure of 5.70 Mt for 2016 Q1 consumption. However, WBMS does not adjust its apparent consumption figures for Chinese SRB purchases, which thus get counted as if consumed. The SRB is understood to have bought no copper in 2017 Q1 but 150 kt of copper in 2016 Q1, thus that period’s adjusted consumption would be 5.55 Mt, and growth year-on-year was in fact positive, at 1.1% using WBMS adjusted figures. BME’s own estimates suggest faster growth than that.”

(*)Peter Hollands/Bloomsbury Minerals Economics Ltd /Member of the Metal Market Alliance