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Informist, Monday, Mar. 30, 2026

 

MUMBAI – The surplus in the global refined copper market narrowed to 17,000 tonnes in January from 60,000 tonnes in the corresponding period last year, according to a report by the International Copper Study Group. In January, global production of refined copper rose around 1% on year to 2.43 million tonnes and consumption rose nearly 3% on year to 2.41 million tonnes, the report said.

 

Production of refined copper in China and the Democratic Republic of Congo, which currently accounts for around 59% of global copper production, is expected to have risen by a combined 5% on year in January, the report said. Global production of refined copper, excluding those two countries, fell nearly 5% on year. Refined copper production in Asia, excluding China, is expected to have declined nearly 9% last year, mainly due to lower output in Japan, Indonesia and the Philippines, according to the report. 

 

Production of refined copper in Chile declined 25% in January, with electrolytic production down 63%, impacted by smelter maintenance shutdown and electrowinning production, according to the report. Global secondary refined copper production from scrap rose around 10% to 445,000 tonnes in January, mainly due to growth in China.

 

Demand for copper from all countries, excluding China, is estimated to have risen by 4% as the growth in demand from a number of Asian, West Asian, and North African countries offset weak demand in the European Union. Demand from China is estimated to have risen by around 1%, the study group said.

 

In January, mine utilisation rate fell to 76.8% from 77.9% in the corresponding period last year. Copper stocks held at major metal exchanges rose to 1.20 million tonnes at the end of February 2026, the highest level since March 2003, and up 61% from the end of December 2025, the group said. On the London Metal Exchange, the average cash price fell 0.9% to $12,967.83 per tonne in February from $13,088.88 per tonne in January.  End

 

US$1 = INR 94.45

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

 

Reported by Reshma Ravi

Edited by Deepshikha Bhardwaj

 

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