As the figures for the 10 non-ferrous metals already indicated, refined Copper production in China continued to rise in July, Commerzbank's FX analyst Volkmar Baur notes.

China produces 50% of the world's refined Copper

"At 1.27 million tons, monthly production was - in non-seasonally adjusted terms - slightly below the previous month's record. Nevertheless, the July figure is still the second highest ever reported for a single month. Looking at the past twelve months (from August 2024 to July 2025 inclusive), 14.38 million tons of refined Copper were produced, more than in any previous 12-month period."

"The production figures for refined Copper thus confirm the import figures for Copper ore. Around 10 days ago, China announced that it had imported 18% more Copper ore in July than in the same month last year. In line with this, Chile reported an 18% increase in Copper exports in July, although the exact match is likely to be a coincidence."

"A comparison of the figures from the International Copper Study Group with those from the Chinese National Bureau of Statistics shows that China produced more than 50% of the world's refined Copper in the first five months of the year. With the two record figures from June and July, this share is likely to have risen further."