Copper Monthly Update - February 2012

Copper key forecasts

Global (kt)
Total Mine Production
Total Smelter Production
Refined Production
Consumption

2010

2011

2012

2013

16178
14738
18979
19264

1.4
4.2
3.7
11.3

16285
15449
19724
19803

0.7
4.8
3.9
2.8

17004
15879
20416
20516

4.4
2.8
3.5
3.6

18752
17367
22058
21371

10.3
9.4
8.0
4.2

Concentrate Market Balance

Metal Market Balance

235
-286

-203
-80

0
-100

50
687

Metal Stocks - Days of Cons

57

54

50

60

7536
342
11.9
120

8810
400
14.4
85

8700
395
16.3
89

8150
370
18.0
95

Prices
Cash LME Price ($/t)
(c/lb)
Contract TC/RCs (c/lb excl pp)
Contract Blister Europe ($/t)

Source: Brook Hunt A Wood Mackenzie Company 2012

Copper Monthly Update - February 2012

Price forecasts & quarterly supply/demand balance - kt
Refined
Production

Refined
Consumption

Balance

Metal Stocks
Days of Cons

Cash Price
$/tonne

c/lb

2010

Q1
Q2
Q3
Q4
Total/Avg

4617
4735
4736
4891
18979

4305
5012
4907
5040
19264

312
-278
-171
-149
-286

68
63
59
57
57

7243
7011
7242
8633
7536

329
318
328
392
342

2011

Q1
Q2
Q3
Q4
Total/Avg

4741
4897
4943
5143
19724

4473
5263
5129
4938
19803

268
-367
-186
205
-80

60
53
50
54
54

9645
9137
8982
7488
8810

437
414
407
340
400

2012

Q1
Q2
Q3
Q4
Total/Avg

4900
5104
5124
5288
20416

4536
5399
5319
5262
20516

364
-296
-194
26
-100

58
53
50
50
50

8300
8800
8900
8800
8700

376
399
404
399
395

2013

Q1
Q2
Q3
Q4
Total/Avg

5294
5515
5537
5713
22058

4729
5645
5503
5495
21371

565
-130
34
219
687

58
55
56
60
60

8100
8300
8300
7900
8150

367
376
376
358
370

Source: Brook Hunt A Wood Mackenzie Company 2012

2009

2010

2011

2011
Q1

Q2

Q3

Q4

Oct

Nov

Dec

Jan

USA: Production
Cu Wire Rod
Y-Y % change

1071
-27.9

1262
9.7

1253
-0.7

325
0.5

328
2.7

311
-6.3

289
0.5

105
-0.3

95
2.4

89
-0.6

USA: Shipments
Cu and Cu Alloy Prods
Y-Y % change

852
-27.4

938
10.1

247
5.2

245
-1.1

224
-7.5

Japan: Shipments
Cu Wire and Cable
Y-Y % change

649
-20.5

681
5.0

681
-0.1

169
1.1

163
0.0

173
-3.0

176
1.7

60
2.6

60
-0.4

58
2.9

56
-1.2

Japan: Production
Cu and Cu Alloy Prods
Y-Y % change

654
-30.7

867
32.5

825
-4.9

209
-1.4

220
-1.4

203
-5.5

192
-11.3

66
-11.5

66
-10.5

61
-12.0

825
0.0

China: Production
Cu and Cu Alloy Prods
Y-Y % change

8884 10093 10281

18.7
13.6
1.9

2028
-0.1

2770
2.1

2790
8.5

2817
2.3

914
9.2

981
4.3

921
-5.5

Italy: Production*
Cu and Cu Alloy Prods
Y-Y % change

937
-20.6

293
1.0

292
-3.1

230
-5.8

243
-12.1

1112
18.6

1058
-4.8

Ytd

1253
-0.7

716
-1.2

56
-1.2

825
-4.9

10281
1.9

1058
-8.8

Copper Monthly Update - February 2012

Global quarterly refined copper consumption - kt
2010
Q1

Q2

2011
Q3

Q4

Yr

Q1

Q2

2012
Q3

Q4

W Europe
France
Germany
Italy
Spain
UK
Other

3075
234
1302
604
290
50
596

732
57
297
165
74
12
128

800
59
349
165
77
10
139

734
41
336
128
65
10
154

691
48
310
122
65
13
134

2958
205
1291
580
281
45
556

709
53
292
156
71
11
125

760
56
337
144
76
10
136

732
40
335
131
64
10
152

734
50
333
139
67
12
132

N America
USA
Canada

1897
1760
137

478
450
28

516
471
45

504
468
37

458
424
35

1957
1813
144

481
452
30

511
466
44

500
463
37

464
427
37

Japan

1060

238

274

259

243

1014

241

277

265

256

Asia
India
S Korea
Taiwan
Other (WW)

3793
580
916
533
1764

873
160
195
110
408

960
153
219
118
470

919
163
209
119
428

893
117
182
119
476

3645
594
804
465
1782

869
160
193
109
408

965
156
217
116
475

948
171
211
119
448

926
127
183
119
497

L America
Mexico
Other

903
285
618

230
81
149

237
89
148

194
69
125

227
57
170

887
296
592

235
82
153

241
89
152

198
70
127

234
60
174

Other WW

427

105

107

112

103

428

111

114

114

108

11155

2656

2895

2722

2616

10889

2646

2867

2756

2721

E Bloc
China
Other E Bloc

8109
7204
905

1821
1533
288

2373
2081
292

2412
2116
295

2327
2050
278

8934
7780
1154

1899
1610
290

2541
2247
294

2572
2275
297

2549
2270
279

Global Total

19264

4478

5268

5134

4943

19823

4545

5409

5328

5270

W World

Source: Brook Hunt A Wood Mackenzie Company 2012

Yr
2934
199
1297
571
279
43
546
1956
1808
148
1039
3708
614
804
463
1827
907
300
606
447
10990
9561
8402
1159
20552

Copper Monthly Update - February 2012

Global Copper-in-Concentrate Stock Changes - (kt Cu)
Contained Metal Basis

2007

2008

2009

2010

2011

2012

2013

Conc. Production/Capability (incl Probables)

Add/(Less) Market & Other Adjustments
Less Direct Use of Concs
Concs Available for World Smelters
Concentrate Stock Change
Smelter Usage

12635
0
-19
12616
-3
12619

12634
0
-16
12618
-10
12628

12668
0
-21
12647
42
12605

12862
0
-22
12840
235
12604

12861
0
-22
12839
-203
13041

13975
-610
-22
13343
0
13343

15624
-780
-22
14822
50
14772

Smelter Concs Usage Capacity

Concs Smelted as % of Smelter Capacity
Concentrate Stock Days
Concentrates Smelted

14551
86.7%
36
12619

15030
84.0%
35
12628

15654
80.5%
34
12605

15513
81.3%
40
12604

15660
83.3%
35
13041

16279
82.0%
34
13343

17014
86.8%
33
14772

Less Processing Losses

Smelter Production from Concentrates
Add Secondaries (incl Re-Smelted Blister)
World Smelter Production

-490
12129
1926
14055

-479
12149
2083
14232

-429
12176
1963
14139

-477
12128
2611
14738

-442
12599
2850
15449

-439
12904
2974
15879

-480
14292
3075
17367

Source: Brook Hunt A Wood Mackenzie Company 2012

Copper Monthly Update - February 2012

Global mine production - breakdown by product type (kt copper in concentrate & leach output)
Product Type

2007

2008

2009

2010

2011

2012

2013

Concentrate Copper
Precipitate Copper
Subtotal
Add (Less) Net Adjustment
Subtotal

12628
7
12635
0
12635

12625
9
12634
0
12634

12655
13
12668
0
12668

12848
14
12862
0
12862

12847
14
12861
0
12861

13938
14
13952
-587
13365

15482
13
15495
-651
14844

SxEw Copper
Add (Less) Net Adjustment
Subtotal

2990
0
2990

3071
0
3071

3289
0
3289

3316
0
3316

3424
0
3424

3829
-190
3639

4084
-176
3908

15624

15705

15957

16178

16285

17004

18752

Total Copper

Source: Brook Hunt A Wood Mackenzie Company 2012

Copper Monthly Update - February 2012

Global copper refined consumption - kt
South Africa
Egypt
Other Africa
Africa

2007
88
139
47
274

2008
77
171
48
296

2009
91
172
47
309

2010
76
171
48
296

2011
90
157
49
296

2012
93
168
53
314

2013
99
188
56
343

China
India
Indonesia
Japan
Malaysia
South Korea
Taiwan
Thailand
Vietnam
Other Asia
Asia

4670
516
200
1268
201
863
603
250
98
217
8886

5100
529
195
1199
191
827
583
245
102
212
9183

6375
552
193
876
167
886
496
215
102
173
10035

7204
580
216
1060
203
916
533
244
105
208
11269

7780
594
215
1014
198
804
465
230
106
207
11613

8402
614
224
1039
200
804
463
239
108
210
12303

8990
643
233
1068
211
817
477
250
115
217
13020

Belgium
France
Germany
Italy
Poland
Russia
Spain
Sweden
Other Europe *
Europe *

309
440
1392
764
301
678
280
180
444
4787

285
410
1398
635
237
679
270
179
389
4482

217
310
1134
523
203
395
267
151
336
3536

261
234
1302
604
260
445
290
165
301
3861

246
205
1291
580
247
700
281
132
296
3978

243
199
1297
571
248
686
279
128
292
3944

245
200
1315
573
256
695
283
100
320
3987

Brazil
Chile
Mexico
Other Latin America
Latin America

331
105
340
87
864

372
103
325
88
889

316
91
277
83
768

435
100
285
83
903

404
100
296
87
887

416
101
300
90
907

431
103
308
93
935

Iran
Saudi Arabia
Turkey
United Arab Emirates
Other Middle East
Middle East

135
190
358
5
27
715

135
185
360
33
27
740

133
195
323
83
26
760

140
205
370
165
26
906

130
193
387
204
27
940

130
198
388
215
31
961

132
204
409
224
35
1004

Canada
United States
North America

169
2137
2307

167
2021
2188

132
1632
1764

137
1760
1897

144
1813
1957

148
1808
1956

148
1796
1944

Australia
Other Oceania
Oceania

148
0
148

151
0
151

130
0
130

131
0
131

132
0
132

133
0
133

138
0
138

Global Total
17981
17929
% change
2.8
-0.3
*Including Under Reported Adjustment
Source: Brook Hunt A Wood Mackenzie Company 2012

17301
-3.5

19264
11.3

19803
2.8

20516
3.6

21371
4.2

check

Copper Monthly Update - February 2012

Global copper refined consumption - kt
South Africa
Egypt
Other Africa
Africa
China
India
Indonesia
Japan
Malaysia
South Korea
Taiwan
Thailand
Vietnam
Other Asia
Asia
Belgium
France
Germany
Italy
Poland
Russia
Spain
Sweden
Other Europe *
Europe *
Brazil
Chile
Mexico
Other Latin America
Latin America
Iran
Saudi Arabia
Turkey
United Arab Emirates
Other Middle East
Middle East
Canada
United States
North America
Australia
Other Oceania
Oceania
Global Total
% change
*Including Under Reported Adjustment
Source: Brook Hunt A Wood Mackenzie Company 2012
check

Copper Monthly Update - February 2012

Global copper mine production (kt copper in concentrate & leach output)

Botswana
Congo DR
Eritrea
Mauritania
Morocco
South Africa
Zambia
Others
TOTAL AFRICA
Armenia
China
Georgia
India
Indonesia
Kazakhstan
Laos
Mongolia
Myanmar
North Korea
Philippines
Uzbekistan
Others
TOTAL ASIA
Albania
Bulgaria
Finland
Poland
Portugal
Romania
Russia
Serbia
Spain
Sweden
Others
TOTAL EUROPE
Argentina
Brazil
Chile
Mexico
Peru
Others
TOTAL L. AMERICA
Iran
Oman
Saudi Arabia
Turkey
TOTAL MIDDLE EAST
Canada
USA
TOTAL N. AMERICA
Australia
Papua New Guinea
TOTAL OCEANIA
TOTAL WORLD
Highly Prob. & Probable (60%)
Additional Adjustment

2007

2008

2009

2010

2011

2012

2013

26
214
0
29
8
100
565
12
953
24
992
11
29
789
451
63
133
15
12
23
95
30
2667
4
93
14
452
90
11
677
20
7
63
10
1440
180
199
5599
314
1160
2
7454
224
16
0
72
312
586
1185
1772
858
169
1027
15624

30
286
0
33
8
111
546
17
1031
22
1157
13
32
650
459
89
129
7
12
23
75
30
2699
3
91
13
429
89
12
682
20
8
57
10
1416
157
220
5402
227
1229
4
7239
239
11
1
81
333
612
1340
1952
875
160
1034
15705

31
348
0
37
16
110
654
10
1205
24
1056
12
28
995
446
122
129
10
12
49
85
30
2998
4
93
15
439
86
2
692
19
20
55
11
1434
143
216
5453
219
1225
14
7270
256
9
1
77
343
486
1209
1695
845
167
1012
15957

34
447
0
37
18
105
691
10
1342
35
1258
6
32
871
425
132
126
12
12
58
86
31
3084
7
93
15
425
79
6
670
17
55
77
11
1455
140
221
5480
238
1204
13
7296
252
12
1
73
338
497
1145
1643
861
160
1021
16178

26
537
0
35
14
102
692
14
1421
37
1375
7
35
554
410
139
128
12
12
62
89
32
2890
9
100
14
434
87
7
674
22
70
83
10
1510
117
213
5296
422
1201
18
7267
269
20
1
80
370
589
1150
1739
949
140
1089
16285
0
0

49
643
0
37
14
106
793
16
1659
38
1503
7
34
485
422
145
143
12
12
76
92
31
3000
9
107
30
423
70
7
683
42
97
85
12
1565
130
259
6010
485
1292
23
8198
274
20
11
75
381
612
1242
1854
987
138
1126
17781
23
-800

76
895
40
47
14
111
930
17
2130
39
1570
7
34
710
430
157
258
12
12
85
98
31
3443
9
107
57
408
80
7
700
49
107
88
13
1623
125
345
6383
497
1383
29
8761
293
20
62
71
446
672
1382
2054
1000
120
1121
19579
163
-990

Global copper mine production (kt copper in concentrate & leach output)
TOTAL WORLD PRODUCTION

15624

15705

Source: Brook Hunt A Wood Mackenzie Company 2012

15957

16178

16285

17004

18752

Copper Monthly Update - February 2012

Global copper mine production (kt copper in concentrate & leach output)

Botswana
Congo DR
Eritrea
Mauritania
Morocco
South Africa
Zambia
Others
TOTAL AFRICA
Armenia
China
Georgia
India
Indonesia
Kazakhstan
Laos
Mongolia
Myanmar
North Korea
Philippines
Uzbekistan
Others
TOTAL ASIA
Albania
Bulgaria
Finland
Poland
Portugal
Romania
Russia
Serbia
Spain
Sweden
Others
TOTAL EUROPE
Argentina
Brazil
Chile
Mexico
Peru
Others
TOTAL L. AMERICA
Iran
Oman
Saudi Arabia
Turkey
TOTAL MIDDLE EAST
Canada
USA
TOTAL N. AMERICA
Australia
Papua New Guinea
TOTAL OCEANIA
TOTAL WORLD
Highly Prob. & Probable (60%)
Additional Adjustment

Global copper mine production (kt copper in concentrate & leach output)
TOTAL WORLD PRODUCTION
Source: Brook Hunt A Wood Mackenzie Company 2012

Copper Monthly Update - February 2012

Global copper smelter production - kt

Namibia
South Africa
Congo DR
Zambia
Zimbabwe
TOTAL AFRICA
China
India
Indonesia
Japan
Kazakhstan
Malaysia
North Korea
Pakistan
Philippines
South Korea
Thailand
Uzbekistan
Others
TOTAL ASIA
Austria
Belgium
Bulgaria
Finland
Germany
Norway
Poland
Russian Federation
Serbia
Slovak Republic
Spain
Sweden
Ukraine
Others
TOTAL EUROPE
Brazil
Chile
Mexico
Peru
TOTAL L. AMERICA
Iran
Oman
Turkey
TOTAL MIDDLE EAST
Canada
USA
TOTAL N. AMERICA
Australia
TOTAL OCEANIA
TOTAL WORLD
Net Adjustment
TOTAL WORLD PRODUCTION

2007

2008

2009

2010

2011

2012

2013

22
113
106
299
10
550
2649
709
277
1586
391
30
15
18
182
511
20
90
7
6484
61
125
229
119
590
34
528
752
36
20
281
214
20
11
3019
218
1574
195
272
2259
200
14
29
243
466
636
1102
398
398
14055

16
97
135
298
10
556
2923
672
261
1548
388
50
15
18
196
488
0
71
9
6638
79
128
270
142
603
37
523
749
34
27
298
228
22
6
3147
225
1512
164
319
2221
200
15
31
246
402
593
995
430
430
14232

18
89
111
390
6
614
3177
712
310
1440
310
0
15
18
178
515
0
83
15
6773
69
130
270
110
585
34
508
719
27
27
292
206
20
3
3000
199
1618
137
307
2261
204
13
0
216
303
600
903
372
372
14139

33
78
141
518
6
776
3642
647
263
1549
314
0
15
19
176
535
0
86
19
7264
78
135
270
120
580
36
554
755
22
41
276
190
28
5
3090
225
1563
98
269
2155
212
7
0
219
274
612
886
349
349
14738

14055

14232

14139

14738

37
84
150
535
6
812
4195
674
280
1330
320
0
15
19
180
568
0
92
19
7691
60
135
295
127
603
36
560
774
27
50
279
215
25
5
3191
230
1557
230
257
2274
219
12
18
249
257
538
795
437
437
15449
0
15449

39
97
165
613
6
920
4939
687
300
1545
385
0
15
19
90
600
0
95
19
8694
58
145
295
140
631
38
560
772
50
50
295
215
27
5
3281
265
1593
250
300
2408
215
15
24
254
270
557
826
403
403
16785
-907
15879

45
101
195
746
6
1093
5627
742
300
1623
395
0
15
19
180
600
0
95
20
9616
50
165
330
150
661
38
560
801
60
58
305
225
30
5
3438
280
1624
215
320
2439
215
15
24
254
270
573
843
393
393
18074
-707
17367

Source: Brook Hunt A Wood Mackenzie Company 2012

Copper Monthly Update - February 2012

Global copper smelter production - kt

Namibia
South Africa
Congo DR
Zambia
Zimbabwe
TOTAL AFRICA
China
India
Indonesia
Japan
Kazakhstan
Malaysia
North Korea
Pakistan
Philippines
South Korea
Thailand
Uzbekistan
Others
TOTAL ASIA
Austria
Belgium
Bulgaria
Finland
Germany
Norway
Poland
Russian Federation
Serbia
Slovak Republic
Spain
Sweden
Ukraine
Others
TOTAL EUROPE
Brazil
Chile
Mexico
Peru
TOTAL L. AMERICA
Iran
Oman
Turkey
TOTAL MIDDLE EAST
Canada
USA
TOTAL N. AMERICA
Australia
TOTAL OCEANIA
TOTAL WORLD
Net Adjustment
TOTAL WORLD PRODUCTION
Source: Brook Hunt A Wood Mackenzie Company 2012

Copper Monthly Update - February 2012

Global copper refinery production - kt

Congo D.R.
Egypt
South Africa
Zambia
Zimbabwe
TOTAL AFRICA
China
India
Indonesia
Japan
Kazakhstan
Laos
Myanmar
North Korea
Philippines
South Korea
Uzbekistan
Others
TOTAL ASIA
Austria
Belgium
Bulgaria
Finland
Germany
Italy
Norway
Poland
Romania
Russian Federation
Serbia
Spain
Sweden
Ukraine
Others
TOTAL EUROPE
Argentina
Bolivia
Brazil
Chile
Mexico
Peru
TOTAL L. AMERICA
Iran
Oman
Turkey
TOTAL MIDDLE EAST
Canada
USA
TOTAL N. AMERICA
Australia
TOTAL OCEANIA
TOTAL WORLD
Net Adjustment
TOTAL WORLD PRODUCTION

2007

2008

2009

2010

2011

2012

2013

27
4
114
497
6
648
3519
709
257
1577
406
63
15
30
160
583
90
25
7433
81
396
70
112
666
29
34
533
19
945
36
270
214
20
3
3427
16
0
220
2951
363
406
3956
207
14
104
325
453
1339
1792
444
444
18025

72
4
97
430
6
608
3795
672
253
1540
398
64
7
30
175
530
71
30
7565
107
392
125
135
690
24
37
527
15
869
34
283
228
22
3
3490
16
0
230
3052
302
465
4064
207
15
101
323
438
1272
1710
501
501
18260

168
4
92
472
6
742
4109
712
286
1440
328
68
10
30
178
534
83
11
7787
96
375
196
112
668
11
34
503
0
848
27
281
206
20
2
3380
16
1
202
3293
245
441
4197
211
13
32
255
336
1160
1496
449
449
18306

256
4
81
537
6
883
4534
647
278
1549
323
64
12
30
176
555
86
13
8267
114
389
216
128
709
11
36
547
0
901
22
303
190
28
2
3596
16
3
237
3235
236
408
4135
220
7
38
265
316
1089
1405
427
427
18979

18025

18260

18306

18979

348
4
84
525
6
966
5197
674
280
1328
336
79
12
30
175
588
92
13
8802
110
398
226
135
714
12
36
565
0
908
27
323
215
25
2
3697
16
4
236
3121
446
363
4186
228
12
52
292
268
1011
1280
500
500
19724
0
19724

454
4
97
620
6
1180
6311
687
300
1545
416
80
12
30
90
603
95
13
10181
108
403
225
155
742
14
38
560
0
921
50
361
215
27
2
3821
16
4
271
3301
416
394
4401
224
15
61
300
281
1089
1370
482
482
21735
-1319
20416

603
4
101
726
6
1439
7435
742
300
1623
436
82
12
30
180
600
95
13
11547
108
410
225
165
777
15
38
560
0
975
60
378
225
30
2
3968
16
4
286
3349
389
401
4444
224
15
61
300
285
1166
1451
475
475
23624
-1566
22058

Source: Brook Hunt A Wood Mackenzie Company 2012

Copper Monthly Update - February 2012

Global copper refinery production - kt

Congo D.R.
Egypt
South Africa
Zambia
Zimbabwe
TOTAL AFRICA
China
India
Indonesia
Japan
Kazakhstan
Laos
Myanmar
North Korea
Philippines
South Korea
Uzbekistan
Others
TOTAL ASIA
Austria
Belgium
Bulgaria
Finland
Germany
Italy
Norway
Poland
Romania
Russian Federation
Serbia
Spain
Sweden
Ukraine
Others
TOTAL EUROPE
Argentina
Bolivia
Brazil
Chile
Mexico
Peru
TOTAL L. AMERICA
Iran
Oman
Turkey
TOTAL MIDDLE EAST
Canada
USA
TOTAL N. AMERICA
Australia
TOTAL OCEANIA
TOTAL WORLD
Net Adjustment
TOTAL WORLD PRODUCTION
Source: Brook Hunt A Wood Mackenzie Company 2012

Copper Monthly Update - February 2012

Copper supply/demand balance global summary - kt
2007

2008

2009

2010

2011

2012

2013

FOR MINES PRODUCING CONCS/PRECIPS...

Concs/Precips Production Capability
Highly-Probable New Concs Projects
Probable Conc Producers
Disruption Allowance (5% of Initial Forecast)
Price Related/Market Adjustment
Total Concs/Precips Production

12635 12634 12668 12862 12861 13952 15495

4
46
19
84
-610
-780
0
0
12635 12634 12668 12862 12861 13365 14844

FOR SMELTERS...
Smelter Production Capability (net of identified adjustments)
Additional Adjustment (non-plant specific)
Smelter Production

14055 14232 14139 14738 15449 16785 18074

-907
-707
14055 14232 14139 14738 15449 15879 17367

FOR REFINERIES TAKING BLISTER & SCRAP...

Refinery Production Capability (net of identified adjustment)
Additional Adjustment (non-plant specific)
Er + Fr Refinery Production

15035 15189 15017 15662 16300 17906 19540

-1129 -1389
15035 15189 15017 15662 16300 16776 18151

FOR MINE/LEACH OPERATIONS PRODUCING SALEABLE

CATHODE...
SxEw/Hydromet Forecast Production Capability
Highly Probable New Projects
Prob SxEw Producers
Disruption Allowance (5% of Initial Forecast)
Price Related/Market Adjustment
Total SxEw Production

2990

3071

3289

3316

3424

2990

3071

3289

3316

3424

3829
0
0
-190
0
3639

4084
25
9
-210
0
3908

TOTAL COPPER SUPPLY :

18025 18260 18306 18979 19724 20416 22058

CONSUMPTION :

17981 17929 17301 19264 19803 20516 21371

CHANGE IN STOCKS
- Concs
- Blister
- Metal

-3
33
44

-10
-13
332

42
78
1005

235
-119
-286

-203
-6
-80

0
0
-100

50
130
687

METAL STOCKS
- Total
- Days of consumption

1938
39

2270
46

3274
69

2989
57

2909
54

2809
50

3496
60

PRICE - CASH LME

- c/lb (Money-of-the-day)
- 2011$
- $/tonne (Money-of-the-day)
- 2011$

323
351
7124
7728

315
329
6951
7262

234
246
5163
5413

342
353
7536
7774

400
400
8810
8810

395
389
8700
8580

370
357
8150
7880

Source: Brook Hunt A Wood Mackenzie Company 2012

Copper Monthly Update - February 2012

Copper supply/demand balance global summary - kt

FOR MINES PRODUCING CONCS/PRECIPS...

Concs/Precips Production Capability
Highly-Probable New Concs Projects
Probable Conc Producers
Disruption Allowance (5% of Initial Forecast)
Price Related/Market Adjustment
Total Concs/Precips Production
FOR SMELTERS...
Smelter Production Capability (net of identified adjustments)
Additional Adjustment (non-plant specific)
Smelter Production
FOR REFINERIES TAKING BLISTER & SCRAP...
Refinery Production Capability (net of identified adjustment)
Additional Adjustment (non-plant specific)
Er + Fr Refinery Production
FOR MINE/LEACH OPERATIONS PRODUCING SALEABLE
CATHODE...
SxEw/Hydromet Forecast Production Capability
Highly Probable New Projects
Prob SxEw Producers
Disruption Allowance (5% of Initial Forecast)
Price Related/Market Adjustment
Total SxEw Production
TOTAL COPPER SUPPLY :
CONSUMPTION :
CHANGE IN STOCKS
- Concs
- Blister
- Metal
METAL STOCKS
- Total
- Days of consumption
PRICE - CASH LME
- c/lb (Money-of-the-day)
- 2011$
- $/tonne (Money-of-the-day)
- 2011$
Source: Brook Hunt A Wood Mackenzie Company 2012