en.Wedoany.com Reported - The International Copper Study Group (ICSG) stated that as of 2026, the growth rate of global recycled copper production has surpassed that of primary copper. The organization is headquartered in Lisbon.

According to preliminary statistics released by the ICSG for the first four months of this year, total global refined copper production increased by approximately 4% during this period. Among this, primary copper production from electrolytic and electrowinning processes using ore grew by 3.5%, while secondary copper production based on recycled metals increased by 6.8%.

The ICSG noted that the 6.8% growth rate in secondary copper is "mainly attributed to" growth in the Chinese market.

Monitoring activities by the London-based company Earth-i through its SAVANT smelter tracking program suggest that copper production growth may have slowed in recent weeks. Commenting on China's copper smelting activity last month, Earth-i said: "China's smelting activity fell by 2.5% from April, pushing the idle capacity ratio to 14.5%." Regarding North American activity in May, the company added: "Among smelters operating well in recent weeks, some in the United States have stood out."

Data center construction and their power supply services have been identified as a growth source for U.S. copper demand.

This spring, Red Metals Inc., a startup headquartered in South Carolina, announced another investment in recycled copper capacity in the United States. The company is affiliated with electric vehicle manufacturer Tesla and battery recycling company Redwood Materials.

The ICSG stated that despite global production growth, copper supply in exchange warehouses is also increasing, which may cap copper prices. As of the end of May 2026, total copper inventories held in warehouses linked to three metal exchanges—the U.S. Comex, the London Metal Exchange (LME), and the Shanghai Futures Exchange (SHFE)—exceeded 1.14 million metric tons. The organization said this is the highest level since January 2003.

In the first five months of 2026, total inventories in the warehouse network increased by over 400,000 metric tons, or 54%, compared to the end of December 2025. LME-linked warehouses saw the largest increase (240,000 metric tons), followed by Comex (an increase of nearly 130,000 metric tons). Copper inventories at Shanghai Futures Exchange warehouses increased by 31,000 metric tons year-to-date.

U.S. copper users and traders may be stockpiling inventories in anticipation of potential high tariffs on imported copper by the Trump administration.

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