Copper Surplus
Global copper market surplus narrows to 94,000 tn in Jan-Sept, says study group
This story was originally published at 18:14 IST on 24 November 2025
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MUMBAI – The surplus in the global refined copper market fell to 94,000 tonnes in the first nine months of 2025 from a surplus of 310,000 tonnes in the corresponding period last year, according to a report by the International Copper Study Group. Global refined copper production rose more than 4% on year to 21.35 million tonnes in Jan-Sept while consumption rose 5.5% on year to 21.25 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 9.4% on year in Jan-Sept, the report said. Global production of refined copper excluding these two countries fell around 2% on year. Refined copper production in Asia, excluding China, is expected to have declined around 4% in Jan-Sept, mainly due to lower output in Japan and the Philippines, according to the report.
Overall Chilean refined copper production fell 10% in the first nine months of the year, with electrolytic production down by 14%, impacted by smelter maintenance shutdown, according to the report. Global secondary refined copper production from scrap rose nearly 6% on year to 3.71 million tonnes in Jan-Sept, mainly due to growth in China.
Demand for copper from all countries, excluding China, rose about 1.6% on year in Jan-Sept. Growth in demand in several Asian, West Asian, and North African countries offset weak demand in the European Union and Japan, the report said. Demand for the metal in China is estimated to have risen by around 9% in the first nine months of the year.
The global copper mine capacity in Jan-Sept was 21.89 million tonnes, against 21.15 million tonnes a year ago. Mine utilisation rate fell to 78.8% from 80.0% a year ago, the group said. Copper stocks held at major metal exchanges rose to 574,953 tonnes at the end of October, up around 34% from the end of December 2024, the group said.
On the London Metal Exchange, the average cash price rose 7.5% to $10,696.02 per tonne in October from $9,952.73 per tonne in September. At 1756 IST, the most active three-month copper contract on the LME was at $10,758.00 per tonne, down 0.2% from the previous close. End
US$1 = INR 89.27
IST, or Indian Standard Time, is five-and-a-half hours ahead of GMT
Reported by Ashutosh Pati
Edited by Akul Nishant Akhoury
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