Basemetals - Latest fundamentals update

News Copper - The global copper market was in a 329,000 metric tons surplus in 2008, data from the World Bureau of Metal Statistics showed Wednesday. That compares with a deficit of 119,000 tons in 2007, WBMS said. Global consumption in January to December 2008 was 18.16 million tons, fractionally higher than the same period of the previous year.
Mine production for the year was at 15.53 million tons, 0.7% lower than in January to December 2007 period, WBMS said. Meanwhile, refined copper production rose by 2.8% on the year to 18.48 million tons in 2008.


News Zinc : The global refined zinc market was in a surplus of 185,000 metric tons in 2008, the World Bureau of Metals Statistics said Wednesday. World refined zinc output rose 169,000 tons in 2008 to 10.531 million tons,the WBMS said. World refined zinc demand increased by 28,000 tons to 10.346 million tons. World zinc mine production was 8.7% higher at 12.07 million tons.

News Lead : The global lead market was in a nearly 3,000 metric ton surplus in 2008, data from the World Bureau of Metal Statistics showed Wednesday. That compares with a 203,000 ton deficit in 2007, the WBMS said. Lead mine production totaled 3.884 million tons in 2008, with Chinese output dominating the global supply. Refined production from both primary and secondary sources was up 6.1% in 2008 on the year, WBMS said. Global demand was 3.5% higher in 2008 on the year to total 8.668 million tons.


News Nickel : The global refined nickel market was in a 54,100 metric ton surplus in 2008, the World Bureau of Metal Statistics said Wednesday. World refined nickel production fell 5.9% to 1.369 million tons, the WBMS said World refined nickel demand declined 2.8% to 1.315 million tons. World nickel mine output increased by 1.3% to 1.5379 million tons.