Copper

Copper (Cu, atomic number 29) is a reddish-orange non-ferrous metal. According to the ICSG World Copper Factbook 2025, copper is widely used because of its electrical and thermal conductivity, corrosion resistance, malleability, and recyclability. It trades both as refined cathode and as concentrate.

Copper trades on multiple officially regulated exchanges. Each publishes its own daily settlement, fixing or auction reference price for its specific contract — there is no single “world price”. The complete list of active regulated venues for copper:

• London Metal Exchange (UK) — Copper Grade A (CA), USD, Physical
• COMEX (CME Group) (USA) — Copper (HG), USD, Physical
• Shanghai Futures Exchange (China) — Copper (CU), CNY, Physical
• Shanghai International Energy Exchange (China) — Bonded Copper (International) (BC), CNY, Physical
• Multi Commodity Exchange of India (India) — Copper (COPPER), INR, Physical
• Dubai Gold & Commodities Exchange (UAE) — Copper Futures (DCO), USD, Cash
• Iran Mercantile Exchange (Iran) — Copper Cathode (spot), IRR, Physical

Principle: One True Source for All. Every officially regulated exchange with an active contract is listed, regardless of geography or sanctions. Cash-settled contracts list both the listing exchange (where the contract clears) and the underlying benchmark index used for final settlement. Fastmarkets, S&P Global Platts and Argus are regulated benchmark administrators under UK/EU BMR, not exchanges. Source: TSM exchanges registry (maintained from public regulatory and exchange filings).

Per USGS Mineral Commodity Summaries 2026, world mine production in 2025 (estimated) was 23,000 kt. Top producing countries: Chile 5,300 kt, DR Congo 3,200 kt, Peru 2,700 kt, China 1,800 kt, Russia 1,300 kt, USA 1,000 kt. Reserves: Chile holds 180,000 kt of 980,000 kt global. Full breakdown in the production and reserves sections.

Largest publicly disclosed mined-copper producers, latest annual figures: BHP 2,017 kt (FY2025), Freeport-McMoRan 1,910 kt (2024), Codelco 1,440 kt (FY2025), Zijin Mining 1,068 kt (FY2024), Southern Copper 974 kt (2024), Glencore 952 kt (FY2024). Full list of 44 copper producers below.

End-use breakdown for 2024, from the ICSG World Copper Factbook 2025 (page 48, source: International Wrought Copper Council): Building construction 26%, Consumer & general products, cooling, electronics 23%, Infrastructure (power & telecom) 17%, Transport 13%, Industrial equipment 12%, Others 9%. By first-use form: wire 63%, tube 12%, flat rolled 11%, rods/bars/sections 9%, foil 5%.

Recycled supply share (global): Per the International Copper Association, recycled copper meets more than 30% of global copper demand. In the EU, China and Japan more than half of all copper is recycled after use. Annually ~24 Mt of copper enter the global urban mine, of which ~13 Mt reach end-of-life and become available for recycling. End-of-life Recycling Rate (EoL-RR, global avg 2009–2018): 40% — per IISD Commodity Profile Copper 2026, citing ICA/Eurometaux data via ICSG. Detailed flow rates: collection 56%, processing 71%, overall recycling efficiency 56%, Recycling Input Rate (RIR) 32%. US recycling (2025e): 160 kt recovered from old (post-consumer) scrap, contributing about 30% of US copper supply (USGS MCS 2026). US net import reliance (2025e): 57% of apparent consumption, up from 45% in 2024 and 41–42% in 2022–2023 (USGS). Reserves cover: Global reserves 980,000 kt vs 2025e mine production 23,000 kt — ~43 years of cover at current rates, before recycling and resource discoveries (USGS). Material property: Copper can be recycled repeatedly without degradation or loss of performance — a property shared by very few engineering metals.