The International Copper Study Group (ICSG) says global mine production of copper in the first five months of this year increased by 5.7% year-on-year to about 450 000 t, while concentrate production increased by 5.5% year-on-year and solvent extraction and electrowinning (SX-EW) increased by 6% year-on-year.
The higher copper production was owing to constrained output in the comparative period of 2017 in Chile and Indonesia.
Copper mine production in Chile, the world’s biggest copper producing country, increased by 13.5% year-on-year in the first five months of this year, despite some production restrictions in February and March as a result of a strike at Escondida – the world’s biggest copper mine.
However, there was an improvement in Codelco’s production levels this year.
Further, Indonesia’s output increased by 43% year-on-year in the first five months of this year, owing to the comparative output in 2017 being negatively affected by a temporary ban on concentrate exports that started in January and ended in April.
Worldwide copper production figures were also affected by a 12.5% increase in SX-EW in the Democratic Republic of Congo, and a 13% rise in Zambian mine output, owing to the restart of temporarily closed capacity.
Overall growth of copper production was partially offset by lower output at some mines in Canada (down 8.5%) and in the US (down 10%).
On a regional basis, mine production has increased by around 11% in Africa, 8.5% in Latin America, 6% in Asia, 3.5% in Europe and 10% in Oceania, while declining 7.5% in North America.
Meanwhile, global refined copper production increased by 2% year-on-year in the first five months of this year, reports ICSG, with primary production (electrolytic and electrowinning) having increased by 0.5% and secondary production (from scrap) having increased by 9%.
World apparent refined copper use has increased by an estimated 1.1% in the first five months of this year, with China being the biggest contributor to growth. Demand also increased in India and the European Union, but declined in Japan and the US.
In the first five months of this year, the global refined copper balance adjusted for changes in Chinese bonded stocks indicated a market surplus of around 25 000 t.