The International Copper Study Group (ICSG) released preliminary data for April world copper supply and demand in its June 2025 Copper Bulletin. ICSG noted that preliminary data indicates that world copper mine production increased by about 2% over the first four months of 2025, with concentrate production increasing by 2.2% and solvent extraction-electrowinning (SX-EW) by 1.7%. In the first four 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. • In Peru, copper mine production increased by 5% y-o-y mainly due to higher output at Las Bambas, Quellaveco and Toromocho.

Preliminary data indicates that world refined copper production increased by about 3.2% during the first four months of 2025 with primary production (electrolytic and electrowinning from ores) up to 3.3% and secondary production (from scrap) up by 3.1%. Production in China and the DRC, that currently represent about 56% of the world's total production, is estimated to have increased by about 4.8% combined. • Output in Asia (ex-China) is assessed to have increased by about 3.5%, mainly due to higher production in India. Overall Chilean refined copper production declined by 9.5%, electrolytic production was down by 17% impacted by a smelter maintenance shutdown and electrowinning (SX-EW) output declined by 5%.

Preliminary data suggests that world apparent refined copper usage grew by about 3.3% in the first four months of 2025. Chinese apparent demand (excluding changes in bonded/unreported stocks) is estimated to have grown by around 6%. Chinese net refined copper imports declined by 11% (refined copper imports declined by 1% and copper exports increased by 177%). China share of total word refined copper usage is currently about 58%.

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