Global refined copper production up by 8% in Jan-May'23

In the first five months of 2023, the world's production of refined copper increased by about 8%. Primary production, which comes from ores using electrolytic and electrowinning processes, went up by around 7%. Secondary production, which comes from recycling scrap, increased by about 11%.

The increase in world refined copper production was mainly because of strong performances in China and the D.R. Congo, where they expanded their production capacity. Preliminary data from China shows a rise of about 15% in refined copper production. In the D.R. Congo, refined output is estimated to have grown by about 10% due to the ongoing expansion of new electrowinning plants.

World copper mine production

In the first five months of 2023, the world's copper mine production increased by about 2% to 892,0000 t as against 877,1000 t seen in the corresponding period last year (CPLY). Concentrate production saw a growth of approximately 1.2%, while solvent extraction-electrowinning (SX-EW) increased by around 3.7%.

Global copper mine production increased due to new mines and expansions. However, growth was limited because of operational issues in Chile, China, Indonesia, Panama, and the United States. Additionally, community actions in Peru also had an impact on production.

In Chile, copper production declined by 4.5%. This decrease was primarily due to several mines facing operational issues, lower copper grades in the ore, and a reduced water supply caused by a drought in the central region of the country.

World's refined copper usage
The refined copper usage grew by about 4% in the first five months of 2023. The increase in global refined copper usage has been mostly driven by strong demand in China. However, in the rest of the world, copper usage is estimated to have declined.

Chinese apparent demand (excluding changes in bonded/unreported stocks), grew by around 9%. Net refined copper imports declined by 10% but refined production increased by 15%.

By the end of June 2023, copper stocks held at major metal exchanges (LME, COMEX, SHFE) totalled 169,718 t. This was a decrease of 19,787 t (10%) compared to the stocks held at the end of December 2022. The stocks were down at SHFE (-1.4%) and at the LME (-21%), while they increased slightly at COMEX (0.1%).