International Copper Study Group (ICSG) has released preliminary data for July world copper supply and demand in its September 2025 Copper Bulletin yesterday. Preliminary data indicates that world copper mine production increased by about 3.4% over the first seven months of 2025, with concentrate production increasing by 3.3% and solvent extraction-electrowinning (SX-EW) by 3.7 %. In the first seven months of 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. Output in Chile rose by 2.3%. This was mainly due to higher output at the Escondida, Centinela, Mantos Copper and Codelco mines that more than offset reductions at Collahuasi, Los Pelambres and a number of other smaller mines.
Preliminary data indicates that world refined copper production grew by about 3.9% during the first seven months of 2025 with primary production (electrolytic and electrowinning from ores) up 3.6% and secondary production (from scrap) up by 5.4%.
Preliminary data suggests that world apparent refined copper usage rose by about 5.9% over the first seven months of 2025. Chinese apparent demand (excluding changes in bonded/unreported stocks) is estimated to have grown by around 8.9%. Chinese net refined copper imports fell by 3% (refined copper imports declined by 0.1% and copper exports increased by 15%).
Preliminary data suggests that world apparent refined copper usage rose by about 5.9% over the first seven months of 2025. Chinese apparent demand (excluding changes in bonded/unreported stocks) is estimated to have grown by around 8.9%. Chinese net refined copper imports fell by 3% (refined copper imports declined by 0.1% and copper exports increased by 15%).