Last week fell into the 80% category, wherein metal markets were mostly mixed. Copper, aluminum and nickel are testing overhead resistance; lead and tin are trying to determine if support will hold, while zinc is rising like a hot air balloon.
Of greater interest, our friends at the International Copper Study Group report that the global copper market posted a near 120,000 MT deficit during the first four months of 2016, as compared to a 13,000 MT surplus during the comparable 2015 period. Within the numbers, production rose some 330,000 MT, or 4.5% from last year, while consumption of refined increased about 460,000 MT, or 6.3%.
Hmm . . . . Isn’t copper supposed to have a big surplus this year?