International Copper Study Group (ICSG) released preliminary data for November world copper supply and demand in its January 2026 Copper Bulletin. Preliminary data indicates that world copper mine production increased by about 1% over the first eleven months of 2025, with concentrate production increasing by 0.4% and solvent extraction-electrowinning (SX-EW) by 3.5 %. 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.

Copper output in Chile declined by 1.3% 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 the first eleven months of 2025 with primary production (electrolytic and electrowinning from ores) up 4% and secondary production (from scrap) up by 5.8%.

Preliminary data suggests that world apparent refined copper usage rose by about 4% over the first eleven months of 2025. Chinese apparent demand (excluding changes in bonded/unreported stocks) is estimated to have grown by around 5.5%. Chinese net refined copper imports fell by 11% (refined copper imports declined by 3% and copper exports increased by 58%).

Preliminary world refined copper balance indicates an apparent surplus of 206,000 tonnes over the first eleven months of 2025.

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