Copper is a ductile industrial metal with very high thermal and electrical conductivity and a critical metal for the global energy transition. Its application areas cover a wide variety of disciplines, including the architecture, automotive, electrical, fittings, fuel gas, industrial, marine, machined products, and telecommunications fields. 

In 2024, the copper market had a modest surplus. Global refined copper supply increased by over 800kt to approximately 26.6 million tonnes in 2024, representing growth of 3.1% year-on-year. Mine supply continued to increase, but the growth was not as expected due to mine interruptions and declining ore grade. Refined production was strong and was under pressure given the lower-than-expected mine supply. Scrap supply was strongly incentivized by high flat price and policy support.

Global refined copper demand reached 26.4 million tonnes in 2024, representing year-on-year growth of 3.0%. Demand was strong in major copper consumption areas. Energy transition related sectors, including new energy vehicles, renewables and energy storage systems, continued to experience rapid growth. White goods, especially the air conditioning sector, also showed remarkable growth because of improved household spending and trade-in policies.