UPDATE 1-World copper surplus at 86,000 T in Feb 2009-ICSG

NEW YORK, May 20 (Reuters) - The world copper market saw a
surplus of 86,000 tonnes in February, compared with a deficit
61,000 tonnes in February 2008, an industry report showed on
Wednesday.

The International Copper Study Group (ICSG) said in its
latest monthly bulletin world refined copper output in February
reached 2.927 million tonnes, while consumption slipped to
2.841 million tonnes from 2.971 million tonnes a year ago.

"World usage in the first two months of 2009 declined by
4.4 percent (130,000 tonnes) from that in the same period of
2008 as China's apparent usage growth of 33 percent was more
than offset by a significant decrease in usage in the other
three major consuming regions, the EU-15 countries, Japan, and
the United States, of 25 percent, 44 percent, and 25 percent,
respectively," the report said.

"World usage outside of China declined by 18 percent."
World refined copper consumption and supply trends in
thousands of tonnes:

Feb 2008 Feb 2009
World mine production 2,384 2,445
World mine capacity 2,998 3,141
Mine capacity utilization (pct) 79.5 77.8
Primary refined production 2,483 2,534
Secondary refined production 428 393
Refined production 2,910 2,927
(secondary+primary)
World refinery capacity 3,583 3,753
Refinery capacity utilization (pct) 81.2 78.0
World refined consumption (1) 2,971 2,841
Refined stocks (end of period) 891 1,323
Period stock change -136 159
Refined surplus/deficit (2) -61 86

(1) = Based on EU apparent usage.

(2) = Surplus or deficit is calculated using total refined
production minus refined consumption.
(Reporting by Chris Kelly; Editing by Christian Wiessner)