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News number: 8809221872

18:22 | 2009-12-13

Economy

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Iran Copper Exports Up 60%

TEHRAN (FNA)- The National Iranian Copper Industries Company (NICICO) announced that in the first eight months period of the Iranian calendar year (ending November 21) exports of copper from Iran reached 315,706 tons.



That this amount of copper was sold for $688.2 million.

In terms of weight, statistics show a 60 percent increase compared to the same period the year before, and in value it is 15 percent more, MNA reported.

Copper excavation in this period by NICICO reached 62 million tons which shows one percent increase in comparison to the previous year.

Global copper prices have had an impressive rally in 2009, benefitting from a rebound in the world economy and strong growth in China, according to dailyfutures.com.

On November 23, 2009, the International Copper Study Group’s (ICSG) preliminary data showed that world copper production fell short of refined usage by 32,000 tons in the first eight months of 2009, compared to a deficit of 117,000 tons the previous year.

So far in 2009, the world refined production is down 1 percent, while refined usage is down 2 percent.

In 2008, the world refined production exceeded consumption by 225,000 tons.

On October 8, 2009, the ICSG predicted that copper will show a world production surplus of 368,000 tons in 2009 and 539,000 tons in 2010. That is up from their April estimate of a 345,000 ton surplus in 2009 and a 400,000 ton surplus in 2010.