Copper Surplus
Global copper market surplus narrows to 272,000 tn in Jan-May, says study group
This story was originally published at 21:35 IST on 23 July 2025
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MUMBAI – The surplus in the global refined copper market fell marginally to 272,000 tonnes in the first five months of 2025 from a surplus of 273,000 tonnes in the corresponding period last year, according to a report by the International Copper Study Group. Global refined copper production rose over 3% on year to 11.8 million tonnes in Jan-May, and consumption also rose more than 3% on year to 11.5 million tonnes, the report said.
Production in China and the Democratic Republic of Congo is estimated to have increased by a combined 5%, 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 3.2% in Jan-May mainly due to higher production in India, it said. Global secondary refined copper production from scrap rose by 2.8% to around 2 million tonnes in Jan-May mainly led by growth in China.
Demand for copper from all countries, excluding China, remained unchanged 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 5.5%, the study group said.
The average global copper mine capacity in Jan-May was 12.1 million tonnes, against 11.7 million tonnes a year ago. Mine utilisation rate fell to 78.7% from 79.2% a year ago, the group said. Copper stocks held at major exchanges fell to 365,249 tonnes at the end of June, down 15% from the end of December 2024, the group said.
On the London Metal Exchange, the average cash price rose 3.2% to $9,833.74 per tonne in June from $9,529.78 per tonne in May. At 2103 IST, the most active three-month copper contract on the LME was at $9,933.50 per tonne, up 0.14% from the previous close. End
US$1 = INR 86.41
IST, or Indian Standard Time, is five-and-a-half hours ahead of GMT
Reported by Ashutosh Pati
Edited by Deepshikha Bhardwaj
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