Global refined copper production rises over 6% in Jan-May'24: ICSG

The International Copper Study Group (ICSG) recently unveiled preliminary figures showing that global refined copper production increased by about 6% in the first five months of 2024 with both primary production (electrolytic and electrowinning from ores) and secondary production (from scrap) up by 6%.

Global refined copper production varied by region: in the Democratic Republic of Congo production rose by 17%, while in Chile and the EU it fell by 1.4% and 6.5%, respectively. In Japan, production rose by 3.4% while the US witnessed 17% growth. Secondary production from scrap increased by 6%, mainly due to China.

Mine production

Global mine production increased by 4% in the first five months of 2024, with concentrate output rising by 2.8% and solvent extraction-electrowinning (SX-EW) expanding by 9.2%.

In the first five months of 2024, global mine production saw growth as a result of recovery from 2023's production constraints in Chile, Indonesia, and the US. Enhanced output from new and expanded projects, especially in Congo, further boosted production.

In Peru, copper mine production was stable compared to the same period in 2023. Indonesian output surged 31%, rebounding from production disruptions caused by heavy rainfall and landslides at the Grasberg and Batu Hijau mines in early 2023. The US saw a 12% increase in output, largely due to recovery from earlier production declines.

Production at the Cobre Panama mine was halted in November 2023, resulting in no copper output from Panama.

Chile's copper production rose by 3.3%, with concentrate up 4.4% and SX-EW up 0.5%. DR Congo saw a 13% increase driven by the Kamoa mine expansion and added capacity at other mines.

Refined copper production

Global refined copper production grew by approximately 6% in the first five months of 2024.

Global refined copper production growth was driven primarily by increased output in China and Congo due to expanded capacity, with other regions witnessing a 3% growth. China and DR Congo now make up around 53% of global refined copper production.

Chinese refined copper production is estimated to have increased by approximately 7% due to the initiation and expansion of several primary and secondary smelters and refineries.

Refined copper production in Congo grew by 17% due to new and expanded electrowinning plants.

Copper stocks

China's bonded copper stocks are estimated to have risen by approximately 80,000 t during the first five months of 2024 compared to the end of 2023.

By the end of June 2024, copper stocks at major exchanges (LME, COMEX, SHFE) reached 507,688 t, up 137% from December 2023. The LME saw an increase of 14,350 t and SHFE 288,616 t, while on COMEX stocks fell by 9,128 t.