World economy remained a major worry for metal with prices of Copper performing quite remorsefully. LME Copper three month forwards closed trading at $ 7765 per tonne on Friday, as against $ 7812 per tonne at the beginning of the week. The prices tested a seven week low in London this week. In another news, International Copper Study Group (ICSG) said that world refined Copper markets were in production deficit in the month of Jan-July 2012. The refined copper balance for the first seven month of 2012, including revisions to data previously presented, indicates a production deficit of 524000 tonnes.
The total Copper market deficit stood at 23000 tonnes in the month of July. In the first seven months of 2012, world apparent usage grew by 6.2%, at 11.97 million tonnes compared with that in the same period of 2011. World refined production increased by 2.2% to 11.44 million tonnes in the first seven months of 2012 compared with refined production of 11.2 million tonnes in the same period of 2011.
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