World copper production rises in July

World refined copper production in July rose 16,000 tonnes, or 1 per cent, from a month earlier to 1.5 million tonnes (MT), the International Copper Study Group said in its latest report.

Copper output during January-July rose 457,000 tonnes from a year ago to 10.5 MT. World refined copper usage during the month under review declined 3.7 per cent from June to 1.5 MT.

Copper consumption was lower from the previous month in China (down 7 per cent), European Union (2 per cent) and the US (9 per cent).

World mine production of the red metal in July was down 1.1 per cent to 1.3 MT, while January-July mine output was 4.8 per cent down year-on-year to 8.9 MT.

Mine capacity utilisation in July was 84 per cent as against 88.1 per cent in June. Utilisation in January-July stood at 87.5 per cent as against 86.7 per cent in the same period last year.

The report also said the average copper spot price on the London Metal Exchange fell to $7,649 (Rs 301,677) a tonne in September from $7,513 a month earlier.

Copper stocks held at three major metal exchanges""LME, New York Mercantile Exchange and the Shanghai Futures Exchange""totalled 196,714 tonnes at the end of September, lower by 56,076 tonnes since the start of the current calendar year.