Global refined copper production rises over 4% in CY’24: ICSG

• Global refined copper production rises 4.2%
• China’s copper production increases by 4%

The International Copper Study Group (ICSG) recently unveiled preliminary production figures for CY’24 (January-December 2024), showing that global refined copper output increased by 4.2%, with both primary (electrolytic and electrowinning from ores) and secondary production (from scrap) up by 2%.

The increase in refined copper production was fuelled primarily by robust performances in China and the Democratic Republic of Congo (DRC), resulting from expanded capacities. Cumulatively, these nations represented about 54% of the global refined copper output in the period under review. Notably, China’s refined copper production is projected to have grown by approximately 4%, bolstered by the launch and expansion of various primary and secondary smelters and refineries.

The 2% rise in secondary production from scrap was also driven by strong gains in China.

Global refined copper production shows regional variations

In the DRC, production rose 17%, while Chile saw a drop of 6.5%, and the European Union (EU) experienced a decrease of 2%. Japan’s production increased by 5%, while the United States (US) recorded a growth of 2.4%.

Copper mine output improves

Global copper mine production grew 2.3% in CY’24, with concentrate output increasing by 1.9% and solvent extraction-electrowinning rising by 4%.

In CY’24, global mine production improved due to a recovery from 2023’s manufacturing constraints in Chile, Indonesia, and the US, as well as increased output from ramping up projects, especially in the DRC. Chile’s copper mine production rose 5%, with concentrate output up by 9.5%. Meanwhile, the DRC experienced a 10% increase in output, fuelled by the expansion of the Kamoa mine and enhancements at several smaller mines.

In Peru, copper mine output declined by 1% due to lower production at several major mines. However, Indonesia’s output surged 14%, recovering from operational constraints at the Grasberg and Batu Hijau mines in early 2023. Additionally, the US saw an 8% drop in output.

The suspension of production at the Cobre Panama mine in November 2023 led to nil copper output from Panama during this period.

Copper stocks rise

China’s bonded copper stocks are estimated to have increased by about 9,000 tonnes (t) y-o-y in CY’24. By the end of December 2024, copper stocks at major exchanges (LME, COMEX, and SHFE) totalled 446,569 t, up by a considerable 100% y-o-y.