Copper Report
Global copper market in 168,000-tn surplus in Jan-Nov, says study group
This story was originally published at 11:40 IST on 22 January 2025
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MUMBAI – Global production of refined copper rose 3.7% on year to 25.11 million tonnes in Jan-Nov, while consumption jumped 2.6% to 24.94 million tonnes, the International Copper Study Group said in a report Tuesday. This led to a surplus of 168,000 tonnes of the red metal in Jan-Nov, against a deficit of 89,000 tonnes in the same period last year, the report said.
The deficit in the copper market in November widened to 131,000 tonnes from 30,000 tonnes in the previous month. Global refined copper production in November rose 1.4% from a month ago to 2.34 million tonnes, while consumption surged 5.7% to 2.47 million tonnes, the report said.
Production in China, the largest producer of refined copper, increased 4.5% on year in Jan-Nov due to commissioning and expansion of primary and secondary smelters and refineries, according to the report. Production in the Democratic Republic of Congo jumped 12% in Jan-Nov from a year ago due to continued ramp-up of new or expanded electrowinning plants, the report said. China and Congo account for nearly 54% of the world's total refined copper production.
The output in Chile, another major producer, dropped 7% in Jan-Nov from a year ago because of a decline in primary electrolytic and electrowinning production. Refined copper production rose 4.4% on year in Japan, the report showed. Global secondary production from scrap rose 3% on year to 4.23 million tonnes in the first 11 months of the year.
Demand for copper from all countries, excluding China, in Jan-Nov is estimated to have risen 1.9% on year as weak demand in the European Union, Japan, and the US was offset by growth in demand from a number of Asian, West Asian, and North African countries. Demand from China grew 3%, the study group said.
The average monthly global copper mine capacity is currently 2.38 million tonnes, against 2.28 million tonnes a year ago. During Jan-Nov, the mine utilisation rate fell to 79.1% from 81.1% a year ago, the group said.
Copper stocks at major exchanges rose 100% to 430,228 tonnes in November compared with stocks held at the end of December, the group said. On the London Metal Exchange, the average cash price fell 1.7% to $8,919.53 per tonne in December from $9,074.79 per tonne in November.
At 1100 IST, the most-active three-month copper contract on the LME was $9,255.50 per tonne, down 0.3% from the previous close. End
US$1 = INR 86.57
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Reported by Sandeep Sinha
Edited by Subhojit Sarkar
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