The International Copper Study Group (ICSG) released preliminary data for November world copper supply and demand in its January 2025 Copper Bulletin yesterday. Preliminary data indicates that world copper mine production increased by about 1.5% over the first eleven months of 2024, with concentrate production increasing by 1.6% and solvent extraction-electrowinning (SX-EW) by 1%.
Global Copper mine production benefited from a recovery from constrained output in 2023 (mainly in Chile and Indonesia) as well as additional production from mine projects ramping up to capacity namely in the D.R. Congo (DRC), Botswana, Mongolia and Serbia. However, these rises were partially offset by declines in a number of other countries, including major producers Canada, Panama, Peru and the United states.
Production in Chile increased by 4%, primarily benefiting from improved output at the Escondida and Collahuasi mines and the ramp-up of Quebrada Blanca (QB2). Chilean concentrate output was up by 8% in contrast to SX-EW which was down by 8.5%.
Preliminary data indicates that world refined copper production increased by about 3.7% in the first eleven months of 2024 with primary production (electrolytic and electrowinning from ores) up by 3.9% and secondary production (from scrap) up by 3%. Growth in world refined production was mainly a result of strong performances in China and the DRC due to expanded capacity.
Preliminary data suggests that world apparent refined copper usage grew by about 2.6% in the first eleven months of 2024. Preliminary world refined copper balance indicates an apparent surplus of about 168,000 t in the first eleven months of 2024.