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Informist, Thursday, Jun. 25, 2026

NEW DELHI – The surplus in the global refined copper market widened to 239,000 tonnes in the first four months of 2026 from 47,000 tonnes in the corresponding period last year, according to a report by the International Copper Study Group. However, in April, a 145,000-tonne deficit was recorded as refined copper demand outpaced production. 

During Jan-Apr, refined copper output rose 4% on year to 9.71 million tonnes, supported by increased production in China and the Democratic Republic of Congo. China's refined copper output rose 7.4% amid higher secondary production from scrap, and Congo's output rose 8.4%. Both these countries account for about 60% of global production. 

Meanwhile, Chile's refined copper production declined 11% as electrolytic production from concentrates fell mainly due to smelter operational constraints and maintenance, and reduced electrowinning output. Output in Asia, excluding China, declined 1.3% mainly due to lower output in Japan, Indonesia, and the Philippines.

However, India's production is estimated to have increased 28% due to improved operating capacity rates and the ramp-up of the Adani refinery, the study group said. 

Meanwhile, global copper mine production declined 1.4% on year to 7.45 million tonnes. "Although global mine production benefited from additional output from projects ramping up to capacity in a number of countries, global growth was offset by important declines in concentrate production in Chile, D.R. Congo, and Indonesia," the study group said. Mine utilisation rate fell to 76.6% from 80.6% last year. 

During Jan-Apr, refined copper consumption rose nearly 2% on year to 9.47 million tonnes. "World excluding China usage is estimated to have increased by 1.4%, and Chinese apparent demand (excluding changes in bonded/unreported stocks) is estimated to have increased by 2.4%," the report said. 

Copper stocks held at major metal exchanges rose to 1.14 million tonnes at the end of May, the highest level since January 2003, and up 54% from the end of December 2025, the group said. On the London Metal Exchange, the average cash price rose 4.8% to $13,507.13 per tonne in May from $12,891.38 per tonne in April. End

US$1 = INR 94.42

Reported by Afra Abubacker

Edited by Akul Nishant Akhoury

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