The production of refined copper in the world in 2025 will increase by about 2.9% to 28.9 million tons, predicts the International Copper Research Group (ICSG).
This will be driven by the expansion of production facilities in China and the launch of new enterprises in other countries, primarily in Indonesia, India and the Democratic Republic of the Congo (DRC).
In 2026, copper output is expected to grow by 1.5% and exceed 30.8 million tons.
Demand for copper is projected to increase by 2.4% this year, to 28 million tons. "Given the uncertainty surrounding international trade policy, which is likely to weaken the global economic outlook and negatively affect demand for copper, the growth rate estimate has been revised down from the group's September forecast of a 2.7% increase", - the report says.
In 2026, global copper consumption may increase by 1.8% to about 28.5 million tons.
At the same time, demand in China is projected to grow by about 2% in 2025 and 0.8% next year, according to experts.
By the end of 2024, a surplus of 138 thousand tons of copper was recorded in the world. This year, the excess of metal on the world market is expected to amount to about 289 thousand tons, in 2026 – 209 thousand tons.
When making forecasts, ICSG understands that the situation on the global market may change under the influence of numerous factors, the report says.
The International Copper Study Group, established in 1992, is an intergovernmental organization that serves as a tool for international discussion and cooperation on issues related to copper. The ICSG is the only multilateral institution dealing with copper production, consumption, and trade. The group includes 25 states, including the European Union, as well as Kazakhstan and Russia.
