{"id":1139977,"date":"2019-09-24T05:56:43","date_gmt":"2019-09-24T10:56:43","guid":{"rendered":"https:\/\/www.mining.com\/?p=1002691"},"modified":"2019-09-24T05:56:43","modified_gmt":"2019-09-24T10:56:43","slug":"global-copper-deficit-deepens-as-chile-indonesia-production-drops","status":"publish","type":"post","link":"https:\/\/juniorminingnews.com\/?p=1139977","title":{"rendered":"Global copper deficit deepens as Chile, Indonesia production drops"},"content":{"rendered":"<p>Global mined copper&nbsp;output dropped in the first six<br \/>\nmonths of the year by 1.4% to nearly 9.92 million tonnes mainly due to weather<br \/>\ndisruptions in world\u2019s leader Chile and the transition of two mines in Indonesia<br \/>\nto different ore zones. <\/p>\n<div class='d-flex justify-content-center'>\n<div id='div-gpt-ad-1561499308230-0'><script>googletag.cmd.push(function() {googletag.display('div-gpt-ad-1561499308230-0');});<\/script><\/div>\n<\/div>\n<p>Chile\u2019s production dropped 2.5% as heavy rains in the country\u2019s north and lower grades weigh on the country\u2019s outcome, the latest <a href=\"https:\/\/www.icsg.org\/index.php\/press-releases\/finish\/114-monthly-press-release\/2958-2019-09-23-monthly-press-release\"  rel=\"noreferrer noopener\" aria-label=\" (opens in a new tab)\">report\u00a0by the International Copper Study Group (ICSG)\u00a0shows<\/a>.<\/p>\n<p>Indonesia\u2019s copper concentrate output fell a staggering 55% owing to the transition of Grasberg into block caving and Batu Hijau mine to Phase 7.<\/p>\n<figure class=\"wp-block-pullquote alignright\">\n<blockquote>\n<p>International refined copper market ended the first half of 2019 with a supply deficit of about 220,000 tonnes.<\/p>\n<\/blockquote>\n<\/figure>\n<p>It means that global refined copper market ended the first<br \/>\nhalf of 2019 with a supply deficit of about 220,000&nbsp;tonnes.<\/p>\n<p>Factoring in changes to unreported, bonded stocks in China,<br \/>\nthe deficit likely totaled 190,000 tonnes, the industry group said.<\/p>\n<p>Analysts, such as Colin Hamilton at BMO Capital Markets,<br \/>\nbelieve overall output may have fallen further, as the ICSG still has Chinese<br \/>\nmined copper output rising. <\/p>\n<p>\u201cOn our estimates, and balancing for stronger concentrate<br \/>\nimports and spot treatment charges, we believe it may well have fallen,\u201d Hamilton<br \/>\nwrote in a note to investors. \u201cWe reiterate that, with supply holding up its<br \/>\nend of the bargain, the copper market is in deficit this year. However,<br \/>\ndeficits don\u2019t matter for pricing without improved demand.\u201d<\/p>\n<p>Early this month, copper prices fell to <a rel=\"noreferrer noopener\" aria-label=\"their lowest level since mid-2017 (opens in a new tab)\" href=\"https:\/\/www.mining.com\/web\/copper-hits-two-year-low-as-signs-of-global-slowdown-stack-up\/\" >their lowest level since mid-2017<\/a> due mainly to the ongoing trade spat between the US and China, the world\u2019s biggest consumer of the metal. <\/p>\n<p>On a regional basis, ICSG data shows that mine production declined 6% in Asia, 1% in Latin America and 3% in Europe, but increased around 2% in North America and 7% in Oceania, and remained essentially flat in Africa. <\/p>\n","protected":false},"excerpt":{"rendered":"<p>International refined copper market ended the first half of 2019 with a supply deficit of about 220,000 tonnes.<\/p>\n","protected":false},"author":8,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","theme-transparent-header-meta":"","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"default","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""}},"footnotes":""},"categories":[539,2849,949,369,4],"tags":[],"_links":{"self":[{"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/posts\/1139977"}],"collection":[{"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/users\/8"}],"replies":[{"embeddable":true,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=1139977"}],"version-history":[{"count":5,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/posts\/1139977\/revisions"}],"predecessor-version":[{"id":1140046,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/posts\/1139977\/revisions\/1140046"}],"wp:attachment":[{"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=1139977"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=1139977"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=1139977"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}