Copper supply up 3.5% y-o-y in Q2 as majors lift output

The copper market recorded robust supply-side performance in Q2 25, with the top 25 mining companies reporting a combined output of 3,800kt, an increase of 3.5% y-o-y.

Growth was driven by stronger quarterly performances from BHP (516.2kt, +2.2% y-o-y), Codelco (338kt, +18.6% y-o-y), and Zijin Mining (279.3kt, +9.1% y-o-y). BHP, Freeport, and Codelco retained market-leading positions, jointly accounting for 34% of total production.

However, this was partially offset by declines from Freeport (436.8kt, -7.1% y-o-y), Glencore (176kt, -21% y-o-y), and Anglo American (173.3kt, -11.6% y-o-y), among others.

Q2 reporting season concludes

On a q-o-q basis, eight of the top 10 producers reported higher output. Notable gains included:

The only major producers reporting lower output were:

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