Global refined copper production rises 2% in Jan-Jun'23

Global refined copper production increased by approximately 2% to 10.82 mnt in the first half of 2023 compared to 10.60 mnt in the corresponding period of last year (CPLY). Similarly, primary production (electrolytic and electrowinning from ores) went up about 6% to 11.19 mnt and secondary production (from scrap) increased by 12% to 2.33 mnt, as per International Copper Study Group (ICSG).

Growth in world refined production was mainly attributed to strong performances in China and the DRC, due to expanded capacity, with global output elsewhere slightly declining.

World copper mine production

Global copper mine production saw a modest uptick of approximately 2% during the initial half of 2023. Concentrate production experienced a slightly higher increase of around 2.2%, while solvent extraction-electrowinning (SX-EW) witnessed a more moderate growth of 1.5%.

Chile's production, however, encountered a setback of 4% in the same period. This decline was primarily attributed to operational challenges, lower ore grades, and decreased water availability caused by a drought in the central region.

Conversely, the Democratic Republic of Congo (DRC) witnessed a notable surge in output by roughly 10%. This growth was driven by the expansion of the Kamoa mine and the establishment of new or expanded capacities in other mining operations.

World's refined copper usage

The world apparent refined copper usage grew by about 4% in the first half of 2023. Growth in world refined usage has been mainly supported by strong apparent demand in China, with usage in the rest of the world estimated to have declined.

Chinese apparent demand (excluding changes in bonded/unreported stocks), grew by around 9%. Net refined copper imports declined by 13% but refined production increased by 15%.

As of the end of July 2023, copper stocks held at the major metal exchanges (LME, COMEX, SHFE) totalled 174,891 t, a decline of 14,614 t (-7.7%) from stocks held at the end of December 2022. Stocks were down at SHFE (-11.5%) and at the LME (-16%) and up at COMEX (24%).