Refined copper production exceeded demand by 168,600 metric tons in December, the biggest surplus in six years, the International Copper Study Group said.
The surplus was due to weak demand in major consuming regions, the Lisbon-based study group said in a report on its website today. It was the biggest oversupply since 168,900 tons in December 2006, Ana Rebelo, chief statistician at the ICSG, said by phone today.
For all of 2012, the shortage was 340,000 tons, down from a deficit of 216,000 tons in 2011, according to the report. World usage last year without China was down 2.2 percent and up about 3.1 percent including China, the ICSG said.