Global copper market surplus widens to 396,000 tn in Jan-Mar - Study group
This story was originally published at 13:25 IST on 25 May 2026
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MUMBAI – The surplus in the global refined copper market widened to 396,000 tonnes in the first three months of 2026 from 135,000 tonnes a year ago, according to a report by the International Copper Study Group. In Jan-Mar, global production of refined copper rose around 4.5% on year to 7.29 million tonnes and consumption rose 0.8% on year to 6.89 million tonnes, the report showed.
Production of refined copper in China and the Democratic Republic of Congo, which account for around 60% of global copper production, is expected to have risen 9% on year, according to the report. Refined copper production, excluding in those two countries, fell nearly 1.4% on year during Jan-Mar.
Refined copper production in Asia, excluding China, is expected to have declined 4% in Jan-Mar, mainly due to lower output in Japan, Indonesia and the Philippines. "Production in India is estimated to have increased by 25% due to improved operating capacity rates and the ramp-up of the Adani refinery," the report said.
Production of refined copper in Chile declined 11.7% in the first quarter, with electrolytic production down 24%, impacted by smelter operational constraints and maintenance, and electrowinning production, according to the report. Global secondary refined copper production from scrap rose 7.6% to 1.29 million tonnes in Jan-Mar, mainly due to growth in China.
Copper stocks at major metal exchanges rose to 1.15 million tonnes at the end of April, the highest level since January 2003, and up 55% from the end of December 2025, the group said. On the London Metal Exchange, the average cash price rose 3% to $12,891.38 per tonne in April from $12,498.98 per tonne in March. End
US$1 = INR 95.35
IST, or Indian Standard Time, is five-and-a-half hours ahead of GMT
Reported by Reshma Ravi
Edited by Avishek Dutta
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