LME Copper prices averaged at $ 5666 per tonne by the end of December 2016 compared to $ 4629 per tonne by the end of December 2015, up 22 percent. According to preliminary ICSG data, the refined copper market for September 2016 (excluding the adjustment for changes in China's bonded stocks) showed an apparent production deficit of around 15,000 metric tonnes. 

When making seasonal adjustments for world refined production and usage, September showed a production surplus of about 25,000 t. The refined copper balance for the first nine months of 2016, including revisions to data previously presented, indicates a production deficit of around 84,000 tonnes. This compares with a production deficit of around 28000 tonnes for the same period of 2015. In the first nine months of 2016, world apparent refined usage is estimated to have increased by around 3% (565000 tonnes) compared with that in the same period of 2015 mainly due to 

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Chinese apparent demand as world usage excluding China remained essentially unchanged. Chinese apparent demand increased by around 7% in the first nine months of 2016 based on a 2% increase in net imports of refined copper and 7% growth in refined production.