The International Copper Study Group’s (ICSG) recent copper report found total global copper mine production reaching 4.6 Mt in the first quarter of 2015. The 1.6% increase in production is attributed primarily to recovering production levels in Indonesia and new and recovering production levels in Chile.

According to the report, mine production increased by 1% in Africa, 2.5% in South America, 10% in Asia, 1% in Europe and decreased 12% in Oceana. Production levels in the US and North America were down 9% and 6% respectively.

The average world mine capacity utilisation rate for the first quarter decreased from 86% to 84%.

Refined copper production was up 5.2% to 5.2 Mt from all regions due to growth in both primary and secondary scrap production.

Refined copper usage was 5.4 Mt, down 2.8% compared to the same period in 2013. Chinese copper usage was up 9%. Regionally, usage increased in Africa, Asia and Oceana, but decreased 3.5% in the US and was unchanged in Europe.

According to ICSG, the preliminary world refined copper market balance indicates a production surplus of about 6,000 t, compared with a 233,000 t deficit in the same period in 2013