Global refined copper production rises over 3% in Jan-Nov'24: ICSG

• China, DRC drive 54% of global refined copper output
  
  
• Global copper mine production grows 1.5% in Jan-Nov
  
  

The International Copper Study Group (ICSG) recently unveiled preliminary figures showing that global refined copper production increased by 3.7% in the first eleven months of 2024 (January-November 2024), with both primary (electrolytic and electrowinning from ores) and secondary production (from scrap) up by 3.9%.

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 the global refined copper output in the period under review. Notably, China's refined copper production is projected to have grown by approximately 4.5%, bolstered by the launch and expansion of various primary and secondary smelters and refineries.

Secondary production from scrap rose 3%, driven primarily by strong gains in China.

Global refined copper production shows regional variations

In the DRC, production rose 12%, while Chile saw a drop of 7%, and the European Union (EU) experienced a decrease of 2.5%. Japan's production increased by 4.4%, while the United States (US) recorded a growth of 1%.

Copper mine output improves

Global copper mine production grew 1.5% in the first eleven months of 2024, with concentrate output increasing by 1.6% and solvent extraction-electrowinning rising by 1%.

In January-November, global mine production saw improvements due to a recovery from 2023's manufacturing 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 4%, with concentrate output up by 8%. Meanwhile, the DRC experienced a 10% increase in output, fuelled by the expansion of the Kamoa mine and enhancements at several smaller mines.

In Peru, copper mine output declined by 1% due to lower production levels at several major mines. However, Indonesia's output surged 15%, recovering from operational constraints at the Grasberg and Batu Hijau mines in early 2023. Additionally, the US saw a 6% 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 rise

China's bonded copper stocks are estimated to have increased by about 43,000 tonnes (t) in the first eleven months compared to the end of 2023. By the end of December 2024, copper stocks at major exchanges (LME, COMEX, and SHFE) totalled 430,228 t, up by a considerable 100%.