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The Lisbon-based International Copper Study Group (ICSG) reports that global refined copper production grew by nearly 4 percent in the first seven months of this year compared with the same period in 2024.
ICSG says scrap-based secondary refinery production worldwide increased by 5.4 percent from January through July of this year compared with the same period in 2024, mainly due to growth in China.
Those numbers point to manufacturing and economic activity that is on a course for growth, and the Savant Global Copper Monitoring Index service operated by London-based Earth-i indicates primary smelter production in most parts of the world remains heated.
Earth-i, in a late September news release, says just 11.8 percent of global copper smelting capacity was inactive in August, representing a 1.8 percent drop compared with the July rate.
Although an idled smelter operated by Codelco in Chile brought down the capacity rate in South America, Earth-i says smelting activity in China rose by 1.6 percent this August compared with the prior month and now stands 4.6 percent stronger than the same time a year ago.
The monitoring service says Europe has the most active smelters on average, where the inactive capacity series fell for the third consecutive month in August by 4.4 percent to 6.5 percent.
Earth-i says in August the Americas continued to register the lowest levels of smelting activity in the world, with South America reaching a level of 40.2 percent inactivity because of the Codelco facility shutdown in part.
In the secondary refining sector in the United States, this summer has seen the startup of recycled-content copper at the Aurubis Richmond facility in August, Georgia.
Year to date after seven months, ICSG has calculated a world refined copper surplus (based on Chinese apparent but unverified consumption) of about 101,000 metric tons, adding, “The world refined copper balance adjusted for estimated changes in Chinese bonded stocks suggested a market surplus of about 163,000 metric tons.”
Those totals compare with a surplus of about 401,000 metric tons in the same period of 2024, according to ICSG.