According to the World Bureau of Metal Statistics, copper, nickel, lead, zinc, aluminium and tin were all in deficit in the first six months of the year.

Primary aluminium, which has been the year’s best-performing commodity, had the biggest deficit of 1.074 million tonnes.

It compares to a 1.097Mt deficit for the whole of 2016.

Global production rose by 6% in the first half, while demand rose by 7%

The zinc market was in deficit by 370,000t for the first six months of the year, more than the total 223,000t deficit recorded for 2016.

The WBMS noted that zinc stocks were coming down, and world demand had risen by 270,000t year-on-year for the first six months of 2017.

The global lead market was in deficit by 195,000t from January to June, following a 172,000t deficit for 2016, while both mine production and demand increased.

Nickel, which has lagged some of the other metals, recorded a 60,300t deficit for the first half, after a 71,000t deficit for 2016.

Reported London Metal Exchange stocks had only fallen by 600t over the first six months, and world apparent demand was down by 84,000t year-on-year.

Copper, which is sitting at two-and-a-half-year highs, posted a 41,000t deficit for the first half after a 68,000t deficit last year.

While reported stocks fell during the month of June, they closed 71,000t higher than at the end of December.

Mine production over the period was 0.1% lower, despite widespread production interruptions, while refined production rose by 1.6%.

Global consumption dropped to 11.71Mt from 11.88Mt for the same time in 2016, with Chinese consumption falling by 271,000t to 5.65Mt.

Meanwhile, the tin market registered a small half-year deficit of 7600t, though reported stocks rose by 1800t.

Production of refined metal rose slightly, while apparent demand in China was 2.8% higher and global demand was 1.6% higher.