Annual refined copper consumption has increased by one million tonnes or more on only six occasions in the last 55 years

John Robertson

PortfolioDirect

Annual refined copper consumption has increased by one million tonnes or more on only six occasions in the last 55 years. Such a strong increase in offtake most often occurs after periods of contraction. The International Copper Study Group (ICSG) has estimated that usage was 1,009,000 tonnes higher in the four months to April 2014 than over the corresponding period a year earlier. Being only a third of the way through 2014 makes it premature to claim a seventh rise. There are also problems with the usage data because the ICSG is unable to measure stock holdings in China in coming to its apparent consumption estimate. Nonetheless, another increase in offtake would make the fifth consecutive annual increase and an unusually strong pattern of growth by historical standards although one consistent with an improvement in the momentum of economic activity.


John Robertson is Chief Investment Strategist for PortfolioDirect a provider of resource sector investment stock ratings and portfolio strategies for mining and oil and gas investors. He has worked as a policy economist, corporate business...

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