Copper Production
Global copper market surplus narrows to 101,000 tn in Jan-Jul, says study group
This story was originally published at 13:21 IST on 24 September 2025
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MUMBAI – The surplus in global refined copper market narrowed to 101,000 tonnes in the first seven months of 2025 from 401,000 tonnes in the corresponding period last year, according to a report by the International Copper Study Group. Global refined copper production rose nearly 4% on year to 16.6 million tonnes in Jan-Jul and consumption was up about 6% at 16.5 million tonnes, the report said.
Production of refined copper in China and the Democratic Republic of Congo, which currently account for around 57% of the global production, is estimated to have risen by a combined 8.2% on year in Jan-Jul, the report said. Global production of refined copper, excluding these two countries, rose around 0.5% on year. Refined copper production in Asia, excluding China, is expected to have declined 3.4% in Jan-Jul, mainly due to lower output in Japan and the Philippines.
Refined copper production in Chile fell 8.6% in the first seven months of the year, with electrolytic production down 9.6%, impacted by smelter maintenance shutdown, according to the report. Global secondary refined copper production from scrap rose 5.4%, mainly due to growth in China.
Demand for copper from all countries, excluding China, rose about 2% on year in Jan-Jul, as higher demand in several Asian, West Asian, and North African countries offset weak demand in the European Union, Japan, and the US, the report said. Demand for the metal in China is estimated to have grown 8.9% in the first seven months of the year. The country accounts for around 58% of the global demand for copper.
The average global copper mine capacity in Jan-Jul was around 17.0 million tonnes, against 16.4 million tonnes a year ago. The mine utilisation rate fell marginally to 79.5% from 79.6% a year ago, the group said. Copper stocks with major exchanges totalled 493,610 tonnes at the end of August, up nearly 15% from the end of December 2024, the report by the group said.
On the London Metal Exchange, the average cash price fell 1.4% to $9,645.85 per tonne in August from $9,778.22 per tonne in July. At 1305 IST, the most active three-month copper contract on the LME was steady at $9,971.50 per tonne. End
US$1 = INR 88.73
IST, or Indian Standard Time, is five-and-a-half hours ahead of GMT
Reported by Reshma Ravi
Edited by Nishant Maher
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