According to figures put out by International Copper Study Group (ICSG) thisincrease in copper consumption in 1999, helped to reduce the overall marketsurplus of refined copper. The total worldwide refined copper supply-demandsurplus was 3,49,000 tonnes in 1999, as compared with a surplus of 6,17,000tonnes in 1998. Worldwide mined copper production rose by 3.1 per centyear-on-year to 12.57 million tonnes in 1999. Output ofcopper-in-concentrates rose by 0.7 per cent. However, secondary output ofcopper fell by 6.5 per cent to 1.80 million tonnes. The share of scrap usein total refined production decreased from 13.7 per cent in 1998 to 12.5 percent in 1999, reflecting the fall in margins for secondary producers ascopper prices weakened last year.

Consumption of copper is expected to further increase in 2000 on the back ofbuoyant demand from a robust US economy, a revival in European Union,continued strong growth in China and quicker than expected recovery inSouth-east Asia. However, at present, there is no shortage of materialeither. London Metal Exchange (LME) copper stocks have been steadily risingand reached 8,42,975 tonnes on March 7, which is the highest level onrecord.