8/8/2019 World Copper Trends

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TABLE 1. WORLD REFINED COPPER PRODUCTION AND USAGE TRENDS

2004-2010Thousand metric tonnes, copper

2004 2005 2006 2007 2008 2009 2009 2010

p/ Jan-Jul Apr May Jun Jul

World Mine Production 14,594 14,924 14,991 15,474 15,536 15,877 9,048 9,138 1,309 1,332 1,362 1,365

World Mine Capacity 16,048 16,781 17,122 18,058 18,704 19,461 11,229 11,535 1,632 1,690 1,639 1,696

Mine Capacity Utilization (%) 90.9 88.9 87.6 85.7 83.1 81.6 80.6 79.2 80.2 78.8 83.1 80.5

Primary Refined Production 13,848 14,411 14,678 15,191 15,377 15,445 8,904 9,113 1,301 1,308 1,328 1,336

Secondary Refined Production 2,069 2,161 2,613 2,743 2,823 2,911 1,549 1,921 278 289 300 284

World Refined Production

(Secondary+Primary)15,918 16,572 17,291 17,934 18,200 18,356 10,453 11,034 1,579 1,597 1,628 1,620

Seasonally Adjusted Refined

Production - monthly1/ 1,507 1,591 1,593 1,591 1,631 1,606

World Refinery Capacity 19,453 20,511 20,854 21,818 22,764 23,606 13,626 13,859 1,961 2,028 1,965 2,035

Refineries Capacity Utilization (%) 81.8 80.8 82.9 82.2 79.9 77.8 76.7 79.6 80.5 78.8 82.8 79.6

Secondary Refined as % in Total

Refined Prod.13.0 13.0 15.1 15.3 15.5 15.9 14.8 17.4 17.6 18.1 18.4 17.5

World Refined Usage2/ 16,833 16,683 17,058 18,239 18,056 18,189 10,617 11,390 1,666 1,706 1,720 1,668

Seasonally Adjusted World Refined

Usage - monthly1/ 1,489 1,596 1,595 1,636 1,661 1,630

Refined Stocks

End of Period923 867 1,131 1,027 1,161 1,428 1,014 1,297 1,491 1,441 1,382 1,297

Period Stock Change -857 -56 264 -105 135 267 -147 -131 20 -50 -58 -85

Refined Balance3/ -915 -112 233 -305 144 167 -164 -356 -87 -109 -92 -48

Seasonally Adjusted Refined Balance4/ 129 -36 -2 -45 -30 -24

LME Copper Price5/ 2,868 3,684 6,727 7,126 6,952 5,164 4,213 7,074 7,745 6,838 6,499 6,735

Comex Copper Price6/ 129.17 168.31 309.42 322.84 313.18 236.54 193.19 321.12 351.92 310.58 293.71 306.43

p/ Preliminary

1/ See note below on seasonal adjustments. Figures in the year-to-date columns represent seasonally adjusted monthly averages.

2/ Apparent refined usage is used for the European Union (EU-15) instead of the accumulation of the individual countries' refined usage.

3/ Surplus or deficit is calculated using total refined production minus refined usage.

4/ Surplus or deficit is calculated using seasonally adjusted total refined production minus seasonally adjusted refined usage.

5/ Averages for the period in US dollars per ton of copper.

6/ Averages for the period in US cents per pound of copper.

Note on seasonal adjustments:

Each month the ICSG issues the above table in a Press Release which is also included in ICSG's web site:

http://www.icsg.org

The International Copper Study Group introduced seasonal adjustments in its supply usage table to help better assess the state of the copper market. The introduction

of seasonally adjusted refined usage and refined balance figures was originally intended to account for the effects of variations in days per month and holiday periods

in certain key copper using regions of the world. Starting with the April 2007 edition of the Copper Bulletin (January 2007 data), the International Copper Study

Group will be using the U.S. Census Bureau's X-12 seasonal adjustment program to calculate seasonally adjusted refined usage, production, and balance figures in

order to provide more analytically rigorous seasonally adjusted results. Seasonal adjustments have also been made for data from past years.

2010