Copper (Cu): Uses, Supply Chain and Market
Facts checked against sources on . How we check facts.
Copper is mined, concentrated, smelted and refined to cathode, and most of it goes into buildings, electrical and electronic products and transportation equipment. In 2025 Chile produced an estimated 5,300 kt, 23% of world mine production (USGS world total: 23,000 kt), according to the US Geological Survey (USGS). US net import reliance for copper in 2025 was 57%. Copper is on the US, EU (critical and strategic) and Canadian critical minerals lists.
490 cents/lb
US producer, cathode (COMEX + premium) in 2025 (+6% on 2024)
Which countries produce copper?
| Country | 2024 | 2025 (estimate) | Share of 2025 world | Reserves (kt) |
|---|---|---|---|---|
| Chile | 5,510 | 5,300 | 23% | 180,000 |
| Congo (Kinshasa) | 2,990 | 3,200 | 14% | 80,000 |
| Peru | 2,740 | 2,700 | 12% | 85,000 |
| China | 1,840 | 1,800 | 7.8% | 41,000 |
| Russia | 1,020 | 1,300 | 5.6% | 80,000 |
| United States | 1,050 | 1,000 | 4.3% | 47,000 |
| Zambia | 823 | 940 | 4.1% | 21,000 |
| Australia | 765 | 730 | 3.2% | 100,000 |
| All other countries | 6,243 | 6,043 | 26% | 346,200 |
| World total (USGS, rounded) | 23,000 | 23,000 | 100% | 980,000 |
Source: USGS Mineral Commodity Summaries 2026, Copper. Shares are calculated from the country figures and can differ by a point or two from percentages USGS states in its text, because USGS rounds its figures. NA means not available; Withheld means USGS withheld the figure to avoid disclosing company data.
What is copper used for?
The shares are from the Copper Development Association, cited by USGS.
- Building construction: 42% of US copper and copper alloy use
- Electrical and electronic products: 23%
- Transportation equipment: 18%
- Consumer and general products: 10%
- Industrial machinery and equipment: 7%
How much does copper cost?
| Price | Unit | 2021 | 2022 | 2023 | 2024 | 2025 (estimate) |
|---|---|---|---|---|---|---|
| US producer, cathode (COMEX + premium) | cents per pound | 432.3 | 410.8 | 395.3 | 431.8 | 490 |
| COMEX, high-grade, first position | cents per pound | 424.3 | 400.7 | 385.7 | 421.6 | 480 |
| London Metal Exchange, grade A, cash | cents per pound | 422.5 | 399.8 | 384.8 | 414.7 | 440 |
Source: USGS Mineral Commodity Summaries 2026, Copper. The 2025 figures are USGS estimates. Prices are annual averages of the series named in each row, so they are not live quotes.
USGS says the COMEX price was projected to average a record $4.80 per pound in 2025, 14% above 2024, which analysts attributed mainly to uncertainty about the implementation of tariffs on US imports of copper materials.
Is copper a critical mineral?
Copper is on the US, EU (critical and strategic) and Canadian critical minerals lists. Each government builds its list with its own method, so a mineral can be critical in one place and not in another.
| Jurisdiction | Status |
|---|---|
| United States | Critical mineral (final 2025 list) |
| European Union | Critical and strategic |
| Australia | Strategic materials list |
| Canada | Critical (priority) |
Lists last checked against the primary publications on October 12, 2026. See the comparison of all four lists.
Export controls and trade measures
- Indonesia has banned exports of copper concentrates since 2023, and Laos has banned raw mineral exports including copper since 2024 (USGS Table 4).
- Morocco requires export licenses for refined copper and alloys (2025), and Tanzania bans exports of copper ore concentrates (2017).
See the export controls tracker for dates and current status.
What are the substitutes for copper?
| Application | Substitute and trade-off |
|---|---|
| Automobile radiators, cooling and refrigeration tube, electrical equipment, power cable | Aluminum |
| Telecommunications | Optical fiber |
| Drain pipe, plumbing fixtures and water pipe | Plastics |
| Heat exchangers | Titanium and steel |
Source: USGS Mineral Commodity Summaries 2026, Copper. USGS says substitutes often cost performance or money; the table gives its wording for each application.
Can copper be recycled?
Old (post-consumer) scrap provided an estimated 160,000 tons of US copper in 2025 and new (manufacturing) scrap another 760,000 tons. Brass and wire-rod mills accounted for about 80% of the copper recovered from scrap, which contributed about 30% of the US copper supply.
What are the supply risks and recent events for copper?
- 2025. US mine output fell an estimated 5% to about 1.0 million tons because of concentrator shutdowns and lower ore grades. Refined output fell about 9% because both primary smelters had planned maintenance.
- 2025. A new mine in Arizona, a secondary smelter in Georgia and a secondary refinery in Kentucky started copper production by September; one more Arizona mine was expected to start commercial operations by yearend.
- November 2025. Copper was added to the US Final 2025 List of Critical Minerals.
US import sources, 2021 to 2024. Refined copper: Chile, 68%; Canada, 16%; Peru, 7%; Mexico, 6%; and other, 3%. Refined copper was 88% of all unmanufactured copper imports. (USGS)
Resources. The most recent USGS assessment of global copper resources (as of 2015) found identified resources of 1.5 billion tons of unextracted copper and undiscovered resources of an estimated 3.5 billion tons.
Which copper projects are on official lists?
30 European Commission strategic projects and 10 US FAST-41 projects involve copper. Full copper projects page.
Which companies produce or process copper?
| Company | Country | Role | What the source says |
|---|---|---|---|
| Codelco | Chile | State-owned copper miner | Its 27 March 2026 results release gave own copper production of 1,334,445 tonnes of fine copper for 2025, and 1,439,732 tonnes including its shares of El Abra (49%), Anglo American Sur (20%) and Quebrada Blanca (10%). On 20 May 2026 it said an internal audit found 26,875 tonnes of fine copper, about 2% of the production it had reported, recognised as finished product when it still needed processing (20,000 tonnes in Chuquicamata oxides and 6,875 in Ministro Hales calcium arsenite). On 6 October 2026 it said possible double counting of production between Ministro Hales and Salvador in 2024 and 2025 was under external audit, with the size not yet known. Codelco: 2025 results release (27 March 2026) Codelco: measures after deviations in 2025 production were detected, in Spanish (20 May 2026) Codelco: new indications of over-reporting between 2024 and 2025 under investigation, in Spanish (6 October 2026) |
| Freeport-McMoRan | United States (mines in the US, Peru and Indonesia) | Copper, gold and molybdenum miner (NYSE: FCX) | Its 2025 10-K reports consolidated copper production of 3,383 million pounds in 2025 against 4,214 million in 2024. A mud rush at Grasberg on 8 September 2025 caused seven deaths and temporarily suspended mining; Grasberg produced 1.0 billion pounds of copper in 2025 against 1.8 billion in 2024, the Block Cave stayed suspended with a phased restart expected from the second quarter of 2026, and PTFI expected about 85% of normal production rates to be restored in the second half of 2026. Freeport-McMoRan, Form 10-K for 2025 (filed 13 February 2026) |
| BHP | Australia (Escondida and Spence in Chile; Olympic Dam in Australia) | Copper, iron ore and coal miner (ASX: BHP; NYSE: BHP) | Its operational review for the year to 30 June 2026 gives copper production of 1,952.8 thousand tonnes, down 3%, including 1,261.2 thousand at Escondida (down 3%), 212.6 at Pampa Norte (down 21%) and 320.7 at Copper South Australia, which includes Olympic Dam (up 2%). It completed the divestment of Carajás on 2 April 2026. BHP: operational review for the year ended 30 June 2026 (Form 6-K, 16 July 2026) |
| Glencore | Switzerland (mines in the DRC, Peru, Chile and Australia) | Copper miner and metals trader (LSE: GLEN) | Its full year 2025 production report gives own-sourced copper production of 851,600 tonnes, 100,000 tonnes (11%) below 2024, with lower output at Collahuasi (down 68,100 tonnes), Antamina (14,600) and Antapaccay (9,900), and second-half production 163,800 tonnes (48%) above the first half. Glencore: full year 2025 production report (29 January 2026) |
| Southern Copper | Peru and Mexico | Copper miner and smelter (NYSE: SCCO) | Its January 2026 results release gives 2025 copper production of 956,270 tons in its production table and 954,270 tons in its highlights text, with mined molybdenum of 31,153 tons and silver of 24,188 thousand ounces. It says copper production was in line with its annual plan. Southern Copper: fourth quarter 2025 results release (Exhibit 99.1 to Form 8-K, 27 January 2026) |
| CMOC Group | China (copper-cobalt mines in the DRC) | Copper and cobalt miner (HKEX: 3993; SSE: 603993) | Its 2025 annual report gives copper production of 741.1 thousand tonnes, up 13.99%, which it says ranks among the world's ten largest copper producers, its own claim. It reports that the Phase II expansion at the KFM mine in the Democratic Republic of Congo is scheduled to start in 2027 and to add about 100,000 tonnes a year of copper at full capacity. CMOC Group: 2025 annual report (HKEXnews, 1 April 2026) |
Each row links to the document that supports it. The list is not exhaustive and is not a ranking.
Frequently asked questions
What is copper used for?
Copper is used in building construction, electrical and electronic products and transportation equipment. Building construction: 42% of US copper and copper alloy use.
Which country produces the most copper?
Chile produces the most copper: an estimated 5,300 kt, or 23% of the world total, in 2025, according to the USGS mine production figures.
Is copper a critical mineral?
Yes. Copper is on the US, EU (critical and strategic) and Canadian critical minerals lists. The United States added copper to its list in November 2025, when the final list grew from 50 to 60 minerals. US net import reliance for copper in 2025 was 57%.
How much does copper cost?
USGS reports the average 2025 price of copper at 490 cents/lb (US producer, cathode (COMEX + premium); +6% on 2024).
Sources
Read on October 14, 2026. Figures on this page come from these documents; where a number is an estimate, the source says so.
- USGS Mineral Commodity Summaries 2026: Copper. Production, reserves, uses, substitutes, recycling and events
- USGS Mineral Commodity Summaries 2026: introduction (Table 7 and Figures 10A and 10B). Net import reliance, leading producer and price changes for critical minerals
- USGS Mineral Commodity Summaries 2026: introduction (Table 4, export controls by country)
- Federal Register: Final 2025 List of Critical Minerals
- EUR-Lex: Regulation (EU) 2024/1252
- Department of Industry, Science and Resources: Australia’s Critical Minerals List and Strategic Materials List
- Government of Canada: Canada’s critical minerals
- Permitting Council: current FAST-41 projects
- Codelco: 2025 results release (27 March 2026)
- Codelco: measures after deviations in 2025 production were detected, in Spanish (20 May 2026)
- Codelco: new indications of over-reporting between 2024 and 2025 under investigation, in Spanish (6 October 2026)
- Freeport-McMoRan, Form 10-K for 2025 (filed 13 February 2026)
- BHP: operational review for the year ended 30 June 2026 (Form 6-K, 16 July 2026)
- Glencore: full year 2025 production report (29 January 2026)
- Southern Copper: fourth quarter 2025 results release (Exhibit 99.1 to Form 8-K, 27 January 2026)
- CMOC Group: 2025 annual report (HKEXnews, 1 April 2026)
Related topics
Copper mines and projects
The projects page for copper.
Chile profile
Production, policy and projects in Chile.
Critical Minerals Lists Compared
The US, EU, Australian and Canadian lists side by side.
Export Controls and Restrictions
China, Indonesia, DR Congo and other measures with dates.
Aluminum
Profile of aluminum.
Lead
Profile of lead.
