Monthly Bulletin
Global copper market in 301,000-tn surplus in 2024, output up 4.2%
This story was originally published at 14:00 IST on 24 February 2025
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MUMBAI – Global production of refined copper rose around 4.2% to 27.63 million tonnes in 2024 and consumption increased by 2.9% to 27.33 million tonnes, the International Copper Study Group said in a report. This led to a surplus of 301,000 tonnes of the red metal in 2024, against a deficit of 52,000 tonnes in the previous year.
In December, the deficit in the copper market narrowed to 22,000 tonnes from 124,000 tonnes in November. Global refined copper production in December rose 1.6% on month to 2.37 million tonnes, while consumption declined 2.6% on month to 2.4 million tonnes, the report said.
Production in China, the largest producer of refined copper, rose around 4% in 2024 due to the commencement and expansion of several primary and secondary smelters and refineries, according to the report. Production in the Democratic Republic of Congo jumped up 17% in 2024 due to the continued ramp-up of new and expanded electrowinning plants. China and Congo account for nearly 54% of the world's total refined copper production.
The output in Chile, another major producer, was down by 6.5% in 2024 because of fall in primary electrolytic and electrowinning production. Refined copper production rose 5% in Japan, the report showed. Global secondary production from scrap rose 2% to 4.58 million tonnes in 2024.
Demand for copper from all countries, excluding China, is estimated to have risen by 2.2% 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 around 3.5%, the study group said.
The average monthly global copper mine capacity in 2024 was 2.38 million tonnes, against 2.29 million tonnes in 2023, the report showed. Mine utilisation rate fell to 80.1% in 2024 from 81.4% in the previous year.
Copper stocks at major exchanges rose 3.8% on month to 446,569 tonnes in January, the group said. On the London Metal Exchange, the average cash price rose 0.7% to $8,977.6 per tonne in January from $8,919.53 per tonne in December. At 1322 IST, the most-active three-month copper contract on the LME was $9,505 per tonne, down 0.6% from the previous close. End
US$1 = INR 86.72
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Reported by Ashutosh Pati
Edited by Ashish Shirke
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