Copper is the archetypal industrial workhorse — the world's third most widely used metal after iron and aluminum. With 23 million tonnes of mine production and 27 million tonnes of refined output in 2024 (USGS), it underpins electrical infrastructure, building construction, and transportation. Chile (23% of mine output) and the DRC (14%) dominate primary mining; China dominates refining at 44% of world capacity, processing concentrates sourced primarily from the Central African Copperbelt and South American porphyry belts.

US mine production declined ~3% in 2024 to 1.1 million tonnes, driven by lower ore grades at Bingham Canyon (Utah) and multiple Arizona operations. Net import reliance on refined copper reached 45%, with Chile (65%), Canada (17%), and Mexico (9%) as the main refined import sources. Scrap recovery remains significant: ~35% of the US copper supply in 2024 came from old and new scrap, with brass and wire-rod mills recovering ~85% of scrap volumes. The COMEX price hit a record in May 2024 before settling to a $4.20/lb annual average, 9% above 2023, driven by supply-tightness expectations and China demand sentiment.

Copper's supply chain is well-diversified: six countries each produce more than 3% of world mine output, and global reserves stand at 980 million tonnes — equivalent to ~43 years at 2024 consumption rates. Identified resources (as of the USGS 2015 assessment) total 1.5 billion tonnes unextracted, with another 3.5 billion estimated undiscovered, indicating no fundamental geological scarcity on any near-term horizon. Copper is not on the US Critical Minerals List or the EU CRM list, reflecting this supply security.