Global refined copper production rises 5% in Jan-Aug'24: ICSG

• China, DRC drive growth in refined copper output
  
  
• Global mine production edges up by 2% in 8MCY'24
  
  

The International Copper Study Group (ICSG) recently unveiled preliminary figures showing that global refined copper production increased by 5% in the first eight months of 2024 (January-August 2024), with both primary (electrolytic and electrowinning from ores) and secondary production (from scrap) up by 4.6%.

The increase in refined copper production was primarily fuelled by robust performances in China and the Democratic Republic of Congo (DRC), resulting from expanded capacities. Combined, these nations represent about 54% of global refined copper output. China's refined copper production is projected to have grown by approximately 6.5%, bolstered by the launch and expansion of various primary and secondary smelters and refineries.

Global refined copper production shows regional variations

In the DRC, production rose 16%, while Chile saw a drop of 6.6%, and the European Union (EU) experienced a decrease of 7%. Japan's production increased by 3.8%, while the United States (US) recorded a significant growth of 8%. Secondary production from scrap rose 4.6%, driven primarily by strong gains in China.

Copper mine output improves

Global copper mine production grew 2% in the first eight months of 2024, with concentrate output increasing by 2% and solvent extraction-electrowinning rising by 2.6%.

From January to August, global mine production saw improvements due to a recovery from 2023's production constraints in Chile, Indonesia, and the US, as well as increased output from ramping up projects, especially in the DRC. Chile's copper production rose by 3%, with concentrate output up by 7%. Meanwhile, the DRC experienced an 11% increase in output, fuelled by the expansion of the Kamoa mine and enhancements at several smaller mines.

In Peru, copper mine output declined 1% due to lower production levels at several major mines, while Indonesian output surged 22%, recovering from operational constraints at the Grasberg and Batu Hijau mines in early 2023. Additionally, the US saw a 5% 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

China's bonded copper stocks are estimated to have increased by about 66,000 tonnes (t) in the first eight months compared to the end of 2023. By the end of September 2024, copper stocks at major exchanges (LME, COMEX, and SHFE) totalled 500,278 t, up by a considerable 134%.