The global copper market is witnessing a shift, with emerging markets outside China poised to drive future demand growth. This surge is fueled by rapid urbanisation, growing populations, and rising incomes in these regions. While global demand for the metal grew by 2.5% in the first quarter of 2025, with significant contributions from China, the US and the European Union, refined copper demand in ex-China Asia experienced a slight decline. Despite this, long-term analysts remain bullish on the outlook for copper, anticipating continued strong demand.
On the supply side, worldwide copper mine output is projected to increase by roughly 3% in 2025. This growth is expected to stem from expansions at existing mines in regions such as the Democratic Republic of Congo, Peru, Chile, Mongolia, and Russia. However, Australian mine production is forecast to decline by 10% in 2024-25 due to closures and reduced output at several key mines. Despite these regional variations, the overall increase in mine production is anticipated to meet the rising global demand for copper.
Several companies are actively involved in copper exploration and development projects. Antares Metals, for example, is exploring for new discoveries in the Mount Isa region of Queensland, Australia. Revolver Resources is advancing towards production, aiming to introduce new copper to the market by mid-2026. Similarly, Aruma Resources has commenced a drilling program at its Fiery Creek Copper Project in the Mt Isa copper belt. Giant Mining (CSE:BFG), led by CEO David Greenway, is focused on reshoring America’s copper supply, capitalising on Nevada’s position as a prime mining jurisdiction. Giant Mining is a mining company dedicated to exploring and developing copper resources in North America.
Oxford Economics anticipates that the demand for copper will be further fuelled by trends in artificial intelligence, infrastructure development, consumer electronics, and electric vehicles. However, potential constraints on supply growth, such as permitting delays and declining ore grades, could lead to higher prices over time. The global independent economic advisory firm also notes the importance of China’s role in the copper market, highlighting the impact of overcapacity in Chinese metals production on global trade dynamics.
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