The global refined copper market recorded a surplus of 289,000 tonnes in the first quarter of 2025, a slight increase from 287,000 tonnes in the same period last year, according to the International Copper Study Group. Refined copper production worldwide rose by just over 3% year-on-year to 7.1 million tonnes between January and March, while consumption also climbed about 3% to 6.8 million tonnes.
Production growth was held back by an 11% decline in Chile’s output, even as China and the Democratic Republic of Congo saw increases of more than 4%. Together, China and the DRC now account for around 56% of global refined copper production. Output in Asia, excluding China, rose by approximately 5.5%, mainly due to higher production in India. Secondary refined copper production from scrap increased by 3.5% to 1.2 million tonnes, led by growth in China.
Global copper demand outside China rose by 1%, as weaker demand in the European Union, Japan, and the United States was offset by increases in other Asian, West Asian, and North African countries. Chinese demand grew by about 4.5% over the same period.
Average global copper mine capacity in the first quarter was 7.2 million tonnes, up from 7.0 million tonnes a year earlier, but the mine utilization rate fell to 78.2% from 79.6%. Copper stocks held at major exchanges declined to 419,955 tonnes at the end of April, down 2.4% from the end of December 2024.
On the London Metal Exchange, the average cash price for copper dropped 6.5% to $9,100.08 per tonne in April from $9,731.67 per tonne in March. As of 1623 IST, the most active three-month copper contract was trading at $9,633.5 per tonne, up 0.4% from the previous close.
