.my comment ... we are on the right horse

According to preliminary ICSG data, the refined copper market balance for May 2014 (excluding the adjustment for changes in China’s bonded stocks) showed an apparent production deficit of 69,000 metric tonnes (t). When making seasonal adjustments for
world refined production and usage, May showed a similar production deficit. The refined copper balance for the first five months of 2014, including revisions to data previously presented, indicates a production deficit of 466,000 t (a seasonally adjusted deficit of 450,000 t). This compares with a production surplus of 251,000 t (a seasonally adjusted surplus of 277,000 t) in the same period of 2013.In the first five months of 2014, world usage is estimated to have increased by around 15.5% compared with that in the same period of 2013, supported by strong apparent demand in China. Chinese apparent demand increased by 29% (995,000 t) based on a 65%
increase in net imports of refined copper from the low net import level in the first five months of 2013 and consequent lower apparent usage. Excluding China, world usage increased by around 6%, supported mainly by apparent usage growth of 18% in the EU and
13% in Japan. However, it should be noted that comparative usage in the first five months of 2013 was 8% lower in the EU and 5%
lower in Japan than in the first five months of 2012.
World mine production is estimated to have increased

read the full report

http://www.icsg.org/

cheers