Strong demand in China and an improving global market could cause the world's high-grade copper cathode market to reach a deficit of about 500 kt (550,000 st) by the end of this year, according to a Phelps Dodge executive. And the current supply of copper represents only two weeks of consumption. Art Miele is senior vice president of Phelps Dodge, the world's second largest copper producer. He told analysts in March that below five weeks supply in world's metals exchanges is considered a very tight copper market. And he believes that the copper market's available supply will remain below five weeks of consumption during the first half of 2004. "We are seeing global economic recovery that we think is sustainable," he said. Phelps Dodge believes that 2004 global copper consumption growth will be about 4 percent.
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机译：菲尔普斯·道奇公司的一位高管表示，到今年年底，中国强劲的需求和全球市场的改善可能会导致全球高品位的阴极铜市场出现约500 kt（550,000 st）的缺口。目前的铜供应量仅消耗了两周的时间。 Art Miele是全球第二大铜生产商Phelps Dodge的高级副总裁。他在三月份告诉分析师，全球金属交易所的供应不足五周被认为是非常紧张的铜市场。他认为，在2004年上半年，铜市场的可用供应量将保持在不到五个星期的消费量。菲尔普斯·道奇（Phelps Dodge）认为，2004年全球铜消费增长将约为4％。
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