The International Copper Study Group (ICSG) released preliminary data for October world copper supply and demand in its December 2025 Copper Bulletin. Preliminary data indicates that world copper mine production increased by about 1.9% over the first ten months of 2025, with concentrate production increasing by 0.7% and solvent extraction-electrowinning (SX-EW) by 3.2%. 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.

Preliminary data indicates that world refined copper production grew by about 4.4% during the first ten months of 2025 with primary production (electrolytic and electrowinning from ores) up 4% and secondary production (from scrap) up by 5.6%. Production in China and the DRC, that currently represent about 57% of global production, is estimated to have increased by a combined 9% (China +9.3% and DRC +7.8%). 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 ten months of 2025. Chinese apparent demand (excluding changes in bonded/unreported stocks) is estimated to have grown by around 7.5%. Chinese net refined copper imports fell by 5% (refined copper imports declined by 0.3% and copper exports increased by 29%).

ICSG noted that preliminary world refined copper balance indicates an apparent surplus of about 122,000t over the first ten months of 2025.

Powered by Commodity Insights