Quotes from Commerzbank Corporates & Markets:
-The World Bureau of Metal Statistics (WBMS) published supply and demand data for the individual metals in 2014 as a whole yesterday, some of the figures proving surprising. For example, they showed that the global aluminium market was in supply deficit to the tune of nearly 850,000 tons, supply stated as being less than 50 million tons. At the end of January, the International Aluminium Institute (IAI) had reported worldwide production of over 53 million tons for 2014.
-The IAI based its figure on much higher aluminium production in China - a total that is closer to the figures published by the state Chinese research institute Antaike. According to the WBMS data, the global zinc market was also in supply deficit last year, which largely tallies with the figures already issued by the International Lead and Zinc Study Group. It will be publishing new figures for the lead and zinc markets next Monday.
-According to the WBMS, supply surpassed demand on all other metal markets in 2014. The surplus in the case of nickel proved particularly high, even in relative terms. This is estimated at just shy of 200,000 tons, which appears somewhat high in our opinion given the ore export ban in Indonesia. The International Nickel Study Group will be releasing its figures for the global nickel market shortly - it is also likely to report a significant supply surplus.
