Global Copper
Copper underpins modern power, electronics and construction
Production, Product Types, Grades & Benefits
Copper underpins modern power, electronics and construction. In 2024, world mine production was about 23.0 million metric tons of contained copper, led by Chile (~5.3 Mt), the Democratic Republic of Congo (~3.3 Mt) and Peru (~2.6 Mt). Refined copper production was roughly 27.0 Mt. Figures: USGS Mineral Commodity Summaries, 2025 (Copper).
Common Copper Product Forms
Ore & Concentrates (~30% Cu typical):
Feedstock for smelters.
Blister (~98% Cu) & Anodes:
Intermediates cast for electrolytic refining.
Refined Cathodes (Grade A ~99.9935% Cu):
LME deliverable Cu‑CATH‑1; feedstock for wire rod, tube and strip.
Semis:
Continuous‑cast rod, wire, sheet/strip, tube used across power, HVAC and electronics.
Scrap/Secondary:
Recycled copper re‑enters smelting/refining and fabrication flows.
Grades and Standards
| Grade / Standard | Typical Purity / Property | Where It’s Used |
|---|---|---|
| LME Grade A Cathode (Cu‑CATH‑1; BS EN 1978:2022 / ASTM B115 Grade 1) | ≥99.9935% Cu; tightly controlled impurities | Physical settlement, wire rod, tube, strip |
| ETP Copper C11000 (Electrolytic Tough Pitch) | ~99.9% Cu; high conductivity (≥100% IACS) | Busbar, power cables, general electrical |
| Oxygen‑Free Copper C10100 (OFE) | ≈99.99% Cu; ≥101% IACS; low oxygen | Vacuum electronics, high‑end thermal/electrical |
Why Copper Is Favoured
Best‑in‑class electrical and thermal conductivity among engineering metals.
Corrosion resistance and formability for long‑life infrastructure.Corrosion resistance and formability for long‑life infrastructure.
Infinitely recyclable without loss of performance; secondary supply meaningfully augments primary mine output.
Established standards (LME Cu‑CATH‑1, ASTM/EN grades) enable global interchangeability.
Copper Market: Growth, Supply & Demand (Global View)
Structural demand is anchored in electrification. The IEA finds that electricity networks alone more than double their copper needs by 2040 in mainstream policy scenarios, and clean‑energy technologies could account for over 40% of total copper demand by 2040. Near‑term, EVs, grid upgrades, renewable build‑outs and data‑center power systems are the biggest growth vectors.
Supply & Balance Snapshot (2024–2026)
Supply:
USGS estimates refined production at ~27 Mt in 2024, with mine output ~23 Mt. New projects and smelter capacity are ramping in the mid‑2020s.
Balance:
ICSG’s April 2025 market update pointed to a small refined‑copper surplus over 2025–2026, amid softer demand outside China and improved mine/smelter availability. Monthly balances remain volatile.
Recycling:
Secondary (scrap‑based) refined copper continues to grow as an important swing source.
What to Watch
Grid spending trajectories and permitting pace for transmission lines.
China’s fabricator activity and inventories versus ex‑China demand.
Mine project execution (Chile, Peru, DRC, Indonesia) and concentrate treatment dynamics.
Policy/tariff shifts that can regionalize premiums and trade flows.
Sources (selected)
United States Geological Survey (USGS), Mineral Commodity Summaries: Copper (2025 edition) — world mine & refined production.
International Copper Study Group (ICSG), Press Releases (Apr–Aug 2025) — market balance updates; product definitions.
London Metal Exchange (LME), Copper Grade‑A guidance (BS EN 1978:2022 Cu‑CATH‑1); Fastmarkets contract specs.
International Energy Agency (IEA), “The Role of Critical Minerals in Clean Energy Transitions” — long‑run copper demand in grids/clean energy.