Commodities Buzz: Global copper mine output drops 1% in first seven months of 2026, refined Copper output rises

The International Copper Study Group (ICSG) released preliminary data on world copper supply and demand for July in its September 2026 Copper Bulletin. Preliminary data indicates that world copper mine production declined by 1% in the first 7 months of 2026, with a decline in concentrate production of -2% more than offsetting an increase in solvent extraction-electrowinning (SX-EW) of 3.6%.

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. Chilean mine production declined by -7% mainly as a result of reduced output at El Teniente, Escondida and Spence mines. Chilean concentrate and SX-EW production was down by -8.8% and -0.5% respectively.

ICSG stated that world refined copper production grew by about 1.7% in the first 7 months of 2026, with primary production (electrolytic and electrowinning from ores) growing by 1% and secondary production (from scrap) increasing by 4.3%. Production in China and the DRC, which currently represent about 59% of global production, is estimated to have increased by a combined 4.8% (China 4.6% and DRC 6%). World refined copper output excluding these two countries declined by about -2.5%.

Preliminary data suggests that world apparent refined copper usage increased by 2.4% in the first 7 months of 2026. World ex-China usage is estimated to have increased by 1%, and Chinese apparent demand (excluding changes in bonded/unreported stocks) is estimated to have increased by 3.5%. Chinese net refined copper imports declined by 10%. China's share of total world refined copper usage is currently about 59%.

In the first 7 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 32,000 t. This compares with a surplus of about 157,000 tonnes (t) in the same period of 2025. The world refined copper balance adjusted for estimated changes in Chinese bonded stocks suggested a market deficit of about -5,000 t.

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