Aluminium, zinc in surplus from Jan-June, other metals record deficits - WBMS
(Thomson Financial)
Updated:
2007-09-21 11:11
Counter:
Strong aluminium production from January to July outweighed robust European demand and left the market in a small surplus, according to a metals data resource.
In the same seven months, zinc also recorded a surplus, while copper, nickel, tin and lead were in deficit, said UK-based World Bureau of Metals Statistics (WBMS).
For aluminium, global production rose 12 pct to 21.58 mln tonnes while demand surged by around 10 pct to 21.5 mln tonnes, leaving a small surplus of 2.82 mln tonnes, "equivalent to just under one month's demand," said the report. "EU 27 demand continues to be stronger and the year on year increase was just over 6 pct," it said.
Zinc's surplus over the same period stood at 175,000 tonnes, with reported stocks 20,000 tonnes lower. Refined production, which was up 469,000 tonnes to 6.6 mln tonnes, mainly from China, outstripped global demand.
Tin, which has long suffered incredibly tight inventory, recorded a small deficit in the seven months of 100 tonnes because refined production fell by around 2 pct to 208,600 tonnes. Demand dropped by 6 pct, "with reduced consumption in Japan and a lack of significant growth in China responsible for most of the market weakness." Indonesia is the world's second largest tin producer after China. Indonesian production has sharply fallen since the end of 2006 when the government clamped down on illegal mining.
Lead's deficit shrank 30 pct to 35,000 tonnes as higher Chinese output helped global supply levels. Demand rose 2.5 pct in the January to July period, said the WBMS.
Nickel saw a small 13,000-tonne deficit, as rising production failed to satisfy growing demand.
|