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Informist, Wednesday, May 28, 2025

MUMBAI – The surplus in the global refined copper market rose slightly to 289,000 tonnes in the first three months of 2025, from a surplus of 287,000 tonnes in the corresponding period last year, according to a report by the International Copper Study Group released Tuesday. Global refined copper production rose over 3% on year to 7.1 million tonnes in Jan-Mar, and consumption also rose around 3% on year to 6.8 million tonnes, the report said.

The growth in refined copper production was constrained as overall output in Chile fell 11%. Production in China and the Democratic Republic of Congo is estimated to have increased by more than 4%, the report said. The two countries account for around 56% of the world's total production. Refined copper output in Asia, excluding China, rose about 5.5% in Jan-Mar mainly due to higher production in India, it said. Global secondary refined copper production from scrap rose by 3.5% to 1.2 million tonnes in Jan-Mar mainly led by growth in China.

Demand for copper from all countries, excluding China, is estimated to have risen 1% compared to last year as weak demand in the European Union, Japan, and the US offset the growth in demand from a number of Asian, West Asian, and North African countries. Demand from China is estimated to have risen around 4.5%, the study group said.

The average global copper mine capacity in Jan-Mar was 7.2 million tonnes, against 7.0 million tonnes a year ago. Mine utilisation rate fell to 78.2% from 79.6% a year ago, the group said. Copper stocks held at major exchanges fell to 419,955 tonnes at the end of April, down 2.4% from the end of December 2024, the group said.

On the London Metal Exchange, the average cash price fell 6.5% to $9,100.08 per tonne in April from $9,731.67 per tonne in March. At 1623 IST, the most active three-month copper contract on the LME was at $9,633.5 per tonne, up 0.4% from the previous close.  End

US$1 = INR 85.36

IST, or Indian Standard Time, is five-and-a-half hours ahead of GMT

Reported by Ashutosh Pati

Edited by Tanima Banerjee

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