Global refined copper production rose over 7% q-o-q in Q1CY23

Global copper mine production inched up by 2.2% to 5.3 million tonnes (mnt) in the first quarter of calendar year 2023 (Q1CY23 or January-March 2023) as compared to 5.18 mnt seen in Q1CY22, as per International Copper Study Group (ICSG). Out of this, concentrate production increased by around 1.4% and output through solvent extraction-electrowinning (SX-EW) process rose by about 5.5%.

The largest copper producing country, Chile, saw a decline of 2.3% in production in Q1 CY23. The fall was due to operational issues and drought in the central region of the country. However, the mine production of Peru went up by 11%.

In March 2023, global production increased by 12% to 1.84 mnt as compared to 1.65 mnt in February.

World's refined copper production

Global refined copper production increased by 7.5% to 6.68 mnt in Q1CY23 compared to 6.21 mnt Q1CY22. Primary production (electrolytic and electrowinning from ores) went up by 7.7% to 5.57 mnt and secondary production (from scrap) increased by 6.6% to 1.1 mnt.

China's expanded capacity was mostly contributing to the rise in global refined production.

World's refined copper usage

Global refined copper usage increased by about 2.3% to 6.35 mnt in Q1CY23 from 6.21 mnt in Q1CY22. Chinese demand (excluding changes in bonded/unreported stocks) grew by 5.5%. Refined copper usage in the EU rose but declined in both Japan and the US.

Global refined copper stocks

The ICSG's study further revealed that world's refined copper stocks stood at 1.41 mnt in Q1CY23, a rise of 7.8% from 1.31 mnt in Q1CY22.