The International Copper Study Group (ICSG) has released preliminary data for December world copper supply and demand in its February 2026 Copper Bulletin yesterday. It noted that world copper mine production increased by about 1% in 2025, with concentrate production remaining essentially unchanged and solvent extraction-electrowinning (SX-EW) growing by 3 %. In 2025, global mine production benefited from additional output from projects ramping up to capacity and an improvement in production at a number of operating mines. However, lower grades and incidents at some major copper mines, including Kamoa (May) and Grasberg (September), significantly constrained global growth. Output in Chile declined by 1.6% as higher output at the Escondida, Centinela, Mantos Copper and Codelco mines was more than offset by reductions mainly at Collahuasi, Los Pelambres and Quebrada Blanca.

Preliminary data indicates that world refined copper production grew by about 4.2% during in 2025 with primary production (electrolytic and electrowinning from ores) up 3.9% and secondary production (from scrap) up by 5.8%. Production in China and the DRC, that currently represent about 57% of global production, is estimated to have increased by a combined 9% (China +9.4% and DRC +7.8%). World refined copper output excluding these two countries declined by about 1.8%.

Preliminary data suggests that world apparent refined copper usage rose by about 3% in 2025. Chinese apparent demand (excluding changes in bonded/unreported stocks) is estimated to have grown by around 4%. Chinese net refined copper imports fell by 15% (refined copper imports declined by 5% and copper exports increased by 74%).

ICSG noted that in 2025, the world refined copper balance, based on Chinese apparent usage (excluding changes in bonded/unreported stocks), indicated a preliminary surplus of about 380,000 tonnes. This compares with a surplus of about 69,000 tonnes in 2024.