The International Copper Study Group (ICSG) has stated in a latest update that Preliminary world copper mine production declined by 1.4% in the first four months of 2026, with a decline in concentrate production of -2.7% more than offsetting an increase in solvent extraction-electrowinning (SX-EW) of 3.5%. Although global mine production benefited from additional output from projects ramping up to capacity in a number of countries, global growth was offset by important declines in concentrate production in Chile, D.R. Congo (DRC) and Indonesia.

In Indonesia, concentrate production declined by 40% as output at the Grasberg mine remains constrained by the impact of a severe mud rush incident that occurred last September. Chilean mine production declined by 7.9% as higher output at Collahuasi, Anglo Sur and Quebrada Blanca was more than offset by reductions mainly at Candelaria, El Teniente, Escondida, Los Pelambres and Spence mines.

Preliminary data indicate that world refined copper production grew by about 4% in the first four months of 2026 with primary production (electrolytic and electrowinning from ores) growing by 3.5% and secondary production (from scrap) increasing by 6.8%. Production in China and the DRC, that currently represent about 60% of global production, is estimated to have increased by a combined 7.6% (China 7.4% and DRC 8.4%). World refined copper output excluding these two countries declined by about -0.6%.

Preliminary data suggests that world apparent refined copper usage increased by 2% in the first four months of 2026. World ex-China usage is estimated to have increased by 1.4% and Chinese apparent demand (excluding changes in bonded/unreported stocks) is estimated to have increased by 2.4%. Chinese net refined copper imports declined by 25%. China's share of total world refined copper usage is currently about 59%. ICSG noted that in the first four months of 2026, the world refined copper balance, based on Chinese apparent usage (excluding changes in bonded/unreported stocks), indicated a preliminary surplus of about 239,000 tonnes.

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