SEPT 2 MONDAY

THE REFINED COPPER MARKET WAS IN A DEFICIT

IN PRODUCTION OF 155,000 TONNES IN JANUARY

TO MAY, ACCORDING TO THE INTERNATIONAL COPPER

STUDY GROUP. THIS COMPARES WITH A PRODUCTION

DEFICIT OF AROUND 240,000 TONNES FOR THE SAME

PERIOD IN 2007. IT SAID MAY PRODUCTION WAS IN DEFICIT OF

20,000 TONNES. HOWEVER , AFTER MAKING SEASONAL

ADJUSTMENTS FOR WORLD REFINED USAGE AND PRODUCTION

, MAY SHOWED A MUCH SMALLE DEFICIT OF 4000 TONNES

AND THE JANUARY TO MAY PERIOD SHOWED A ASEASONALLY

ADJUSTED SURPLUS OF 31,000 TONNES.

MEANWHIL WORLD MINE PRODUCTION BETWEEN JANUARY

AND MAY FELL 3.1 % BELOW THE 2007 LEVEL FOR THE SAME PERIOD

AND COCCENTRATE PRODUCTION WAS DOWN BY 3.9 % WHILE

SOLVENT EXTRACTION- ELECTROWINNING PRODUCTION REMAINED

LEVEL. WORLD PRODUCTION WAS AFFECTED MAINLY BY LOWER

YEAR - ON - YEAR OUTPUT IN AUSTRALIA, CHILE, MEXICO AND

INDOMESIA.