According to a latest update from the International Copper Study Group (ICSG), preliminary data indicates that world copper mine production increased by about 2% over the first nine months of 2025, with concentrate production increasing by 1.5% and solvent extraction-electrowinning (SX-EW) by 3.5 %. Global mine production is benefiting this year from additional output from projects ramping up to capacity and an improvement in production at a number of operating mines. However, lower grades and incidents at some major copper mines, including Kamoa (May) and Grasberg (September), are constraining global growth.

Output in Chile remained essentially unchanged: higher output at the Escondida, Centinela, Mantos Copper and Codelco mines was offset by reductions mainly at Collahuasi, Los Pelambres and Quebrada Blanca. In Peru, copper mine production rose by 2.8% mainly due to increases at the Las Bambas, Toromocho and Quellaveco mines that more than balanced declines at the Cerro Verde, Antamina and Antapaccay operations.
Preliminary data indicates that world refined copper production grew by about 4.3% during the first nine months of 2025 with primary production (electrolytic and electrowinning from ores) up 4% and secondary production (from scrap) up by 5.5%. Production in China and the DRC, that currently represent about 57% of the global production, is estimated to have increased by a combined 9.4% (China +9.6% and DRC +8.2%). World refined copper output excluding these two countries declined by about 1.6%.

Preliminary data suggests that world apparent refined copper usage rose by about 5.5% over the first nine months of 2025. Chinese apparent demand (excluding changes in bonded/unreported stocks) is estimated to have grown by around 8.5%. Chinese net refined copper imports fell by 1% (refined copper imports rose by 2% and copper exports increased by 17%).

Over the first nine months of 2025, the world refined copper balance, based on Chinese apparent usage (excluding changes in bonded/unreported stocks), indicated a preliminary surplus of about 94,000 t. This compares with a surplus of about 310,000 t in the same period of 2024.The world refined copper balance adjusted for estimated changes in Chinese bonded stocks suggested a market surplus of about 156,000 t.

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