The International Copper Study Group (ICSG) published the latest monthly report showed in December 2016, global copper supply surplus of 17,000 tons, the total shortage of 5,500 tons in whole year, was below the supply shortages of 164,000 tons for 2015.
ICSG data showed that in December last year, the mine produced 1.771 million tons, global mine production capacity reached 2.035 million tons, mining capacity utilization rate was 87%.
Bad news for Freeport since late January has helped support copper prices. About half of the capacity of its Cerro Verde mine in Peru has been sidelined by a labor strike. Meanwhile, Chile's Escondida mine majority-owned by BHP also has seen work stoppages.
Indian Copper declines 0.61% to trade at Rs 376.80 per kg. On the higher side, Rs 383 was tested during the day, on the lower side, Rs 376.30 per kg was tested.
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