Copper productsÂ
Copper is produced and sold in various forms across the value chain. Mines typically yield either copper concentrate from sulphide deposits or cathodes from oxide deposits. Concentrate is smelted into anodes and refined into cathodes, which are then processed into intermediate products, such as rods, bars, and tubes, and ultimately into final goods, including wires and widgets, by fabricators worldwide. Alongside mine output (primary supply), smelters and processors also use copper scrap (secondary supply).Â
Copper productionÂ
Global mine output in 2023 was about 22 million tons, of which 18.2 million were as concentrate and 3.8 million as cathodes from leaching. Scrap added another 4.5 million tons, bringing the total supply to ~26.5 million tons. Chile and Peru accounted for 35% of mine supply, making regional labour disputes and political shifts (e.g., royalty debates) influential for global production. The DRC contributed ~12%, with the rest spread across other regions.Â
Table 1: Copper supply and demand by country (2023)Â
On the demand side, China dominates as the largest copper consumer, accounting for more than half of global usage. This aligns with copper’s major end-use applications, discussed in the next section. Other key demand centres include the European Union, Japan, India, South Korea, and several Southeast Asian nations.Â
Supply and demandÂ
Precise copper supply and demand figures are difficult to establish due to the industry’s complexity. While listed companies report production in detail, significant volumes come from private firms, state-owned entities, artisanal mines, and recycled copper, which are harder to track. On the demand side, thousands of buyers (many of whom are private and partially reliant on scrap) make exact consumption data elusive. Estimates typically rely on company reports combined with import/export data to reconstruct past balances with reasonable accuracy.
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Couloir Capital’s recommendation categories include the following:
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The analyst believes that the security will outperform other companies in their sector on a risk-adjusted basis or for the reasons stated in the research report the analyst believes that the security is deserving of a (continued) BUY rating.
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Investors are advised to sell the security or hold alternative securities within the sector. Stocks in this category are expected to under-perform other companies on a risk-adjusted basis or for the reasons stated in the research report the analyst believes that the security is deserving of a (continued) SELL rating.
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Overall Risk Rating
Very High Risk:Â Venture-type companies or more established micro, small, mid or large-cap companies whose risk profile parameters and/or lack of liquidity warrant such a designation. These companies are only appropriate for investors who have a very high tolerance for risk and volatility and who can incur a temporary or permanent loss of a very significant portion of their investment capital.
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