Refined copper production in the world in 2025 will increase by about 2.9% to 28.9 million tons, according to the International Copper Study Group (ICSG).
This will be driven by the expansion of production capacity in China and the launch of new facilities in other countries, primarily in Indonesia, India and the Democratic Republic of Congo (DRC).
In 2026, copper production is expected to grow by 1.5% to over 30.8 million tons.
Demand for copper this year is expected to increase by 2.4% to 28 million tons. “Given the uncertainty surrounding international trade policy, which is likely to weaken the global economic outlook and negatively impact copper demand, the growth rate estimate has been revised downward from the group’s September forecast, which assumed a 2.7% increase,” the report said.
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.
In 2024, the world recorded a copper surplus of 138 thousand tons. This year, the surplus of the metal on the global market is expected to be about 289 thousand tons, and in 2026 – 209 thousand tons.
When making forecasts, ICSG understands that the situation on the global market can 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 vehicle for international discussion and cooperation on copper-related issues. The ICSG is the only multilateral institution dealing with copper production, consumption and trade. The group consists of 25 countries, including the European Union, Kazakhstan and Russia.
