Global Copper Mine Output Declines, Refined Output and Consumption Expands
Copper | 2026-09-28 06:52:14
Chile recorded a 7% drop in mine output, mainly due to weaker production at El Teniente, Escondida and Spence.
By Paul Ploumis
SEATTLE (Scrap Monster): Global copper mine production declined during the first seven months of 2026, while refined output and consumption continued to expand, according to preliminary data released by the International Copper Study Group (ICSG).
World mine production fell 1% year-on-year through July, with a 2% decline in concentrate output outweighing a 3.6% increase in SX-EW production. The global supply was badly impacted due to lower production in Chile, Indonesia and the Democratic Republic of Congo (DRC).
Chile recorded a 7% drop in mine output, mainly due to weaker production at El Teniente, Escondida and Spence. Indonesian concentrate production plunged 29%, while DRC concentrate output fell 30%. In contrast, Peru’s production increased 2.2%. Meanwhile, Mongolian concentrate output recorded an 18% jump, driven by ramping up of the Oyu Tolgoi underground project.
Refined copper production rose approximately 1.7%. Primary production grew 1%, while secondary output from scrap increased 4.3%. China and the DRC together accounted for much of the increase, with combined refined production rising 4.8%.
Global apparent refined copper usage grew 2.4%, including a 3.5% increase in Chinese demand. Chinese net refined copper imports, however, declined 10%.
The preliminary global refined copper balance showed a 32,000-tonne surplus for January-July 2026, substantially below the 157,000-tonne surplus recorded a year earlier, the ICSG report noted.
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What was the most significant trend in the global copper market during January-July 2026?
Frequently Asked Questions
- How did global copper mine production perform in the first seven months of 2026?
Global copper mine production declined 1% year-on-year through July 2026. A 2% fall in concentrate production offset the 3.6% increase in SX-EW output, with Chile, Indonesia and the DRC among the major sources of weaker production.
- Which countries recorded notable changes in copper mine production?
Chile’s mine output dropped 7%, while Indonesian concentrate production plunged 29% and DRC concentrate output fell 30%. Peru recorded a 2.2% increase, while Mongolia posted an 18% rise in concentrate production as the Oyu Tolgoi underground project ramped up.
- What happened to the global refined copper balance?
The global refined copper market recorded a preliminary 32,000-tonne surplus during January-July 2026. This was significantly below the 157,000-tonne surplus recorded during the same period of 2025, indicating a much tighter market balance.
