KGHM Reports September Copper Output of 60,400 Tonnes, Sales of 57,900 Tonnes

The gap between KGHM's September production and sales is the detail worth noting: output ran ahead of volumes sold, a pattern that can reflect timing of shipments rather than any shift in demand. For a state-controlled producer of both copper and silver, monthly figures are noisy, and single-month spreads between output and sales say little on their own. Whether that gap narrows in subsequent months, or persists as a build in unsold inventory, is the open question.