In November 2025, China's copper production was 2.226 million tons, a year-on-year decrease of 0.8%, and an increase of 11% compared to 2.004 million tons in October; the cumulative production from January to November was 22.593 million tons, a year-on-year increase of 4.9%.

Copper production in November increased significantly by 11% month-on-month, indicating a substantial short-term increase in supply, which could put pressure on copper spot prices. Although year-on-year production decreased slightly by 0.8%, the cumulative production from January to November increased by 4.9% year-on-year, showing overall sufficient supply. If demand does not increase proportionally, it will exacerbate expectations of a market surplus. Overall, driven by increased supply, copper prices face general downward pressure.

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