According to preliminary ICSG data, the refined copper market for October 2015 (excluding the adjustment for changes in China's bonded stocks) was roughly balanced, with an apparent production surplus of only 2,000 tonnes. When making seasonal adjustments for world refined production and usage, October showed a small production deficit of 3,000 tonnes. The refined copper balance for the first 10 months of 2015, including revisions to data previously presented, indicates a production surplus of 60,000 tonnes (and a seasonally adjusted surplus of 122,000 tonnes). This compares with a production deficit of 485,000 tonnes (a seasonally adjusted deficit of 426,000 tonnes) for the same period of 2014.
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