Copper Output
Global copper market surplus narrows to 251,000 tn in Jan-Jun - Study group
This story was originally published at 14:28 IST on 22 August 2025
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MUMBAI – The surplus in the global refined copper market fell to 251,000 tonnes in the first six months of 2025 from a surplus of 395,000 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 14.2 million tonnes in Jan-Jun while consumption rose around 5% on year to nearly 14 million tonnes, the report said.
Production of refined copper in China and the Democratic Republic of Congo, which currently account for around 56% of the global production, is estimated to have risen by a combined 6.2% on year in the first half of 2025, the report said. Global production of refined copper excluding these two countries rose around 0.6% on year. Refined copper production in Asia, excluding China, is expected to have increased 2.3% in Jan-Jun, mainly due to higher output in India.
Overall Chilean refined copper production fell over 8% in the first six months of the year, with electrolytic production down over 10%, impacted by smelter maintenance shutdown, according to the report. Global secondary refined copper production from scrap rose by nearly 4% to 2.4 million tonnes in Jan-Jun, mainly due to growth in China.
Demand for copper from all countries, excluding China, rose about 1% on year in Jan-Jun, as growth in demand in several Asian, West Asian, and North African countries offset weak demand in the European Union, Japan, and the US, the report said. Demand for the metal in China is estimated to have grown by around 7.5% in the first six months of the year. It accounts for around 58% of the global demand for copper.
The average global copper mine capacity in Jan-Jun was 14.5 million tonnes, against 14 million tonnes a year ago. Mine utilisation rate fell to 78.7% from 79.3% a year ago, the group said. Copper stocks held at major exchanges rose to 450,752 tonnes at the end of July, up 5% from the end of December 2024, the group said.
On the London Metal Exchange, the average cash price fell 0.6% to $9,778.22 per tonne in July from $9,833.74 per tonne in June. At 1404 IST, the most active three-month copper contract on the LME was at $9,759.00 per tonne, up 0.4% from the previous close. End
US$1 = INR 87.47
IST, or Indian Standard Time, is five-and-a-half hours ahead of GMT
Reported by Ashutosh Pati
Edited by Nishant Maher
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