Commodities Buzz: Global refined Copper production up 1% in Jan-26, says ICSG

The International Copper Study Group (ICSG) has released preliminary data for January world copper supply and demand in its March 2026 Copper Bulletin. Preliminary data indicates that world copper mine production increased by about 2.2% in January 2026, with an increase in concentrate production of 2% and in solvent extraction-electrowinning (SX-EW) of 2.8%. Although concentrate production is estimated to be lower in Indonesia and D.R.Congo, compared to January 2025 (impact of 2025 incidents at Grasberg and Kamoa), global mine production benefited from additional output from projects ramping up to capacity in a number of countries.

World refined copper production grew by about 1% during in January 2026 with primary production (electrolytic and electrowinning from ores) declining by 1.4% and secondary production (from scrap) increasing by 11%. Based on preliminary data and estimates, growth in world refined copper production was constrained by a fall in Chilean output and limited growth in other major copper producing countries. Chilean refined copper production declined by 25%, with electrolytic production (from concentrates) down by 63%, impacted by smelter maintenance shutdown, and electrowinning (SX-EW) output lower by 6%.

ICSG noted that world apparent refined copper usage rose by about 2.5% in January 2026. Chinese apparent demand (excluding changes in bonded/unreported stocks) is estimated to have grown by around 1%. Chinese net refined copper imports fell by 44%. China's share of total world refined copper usage is currently about 58%. World refined copper balance indicates an apparent surplus of 17,000 tonnes in January 2026.

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