Artem Voloskovets
KGHM reported April copper sales of 56,100 tonnes, a 3.7% increase year over year, extending the company's positive sales trend in 2026.
The latest figures follow a strong March, when KGHM Group copper sales reached 70,200 tonnes, compared with 65,100 tonnes in March 2025. During the first quarter, cumulative copper sales totaled 170,800 tonnes, broadly in line with the 178,100 tonnes recorded a year earlier.
Copper Prices Remain Well Above Historical Norms
The increase in sales comes at a time when copper prices are trading far above their long-term average. According to International Energy Agency data, copper recently climbed above $13,000 per tonne, more than double the average price recorded since 1990, which stands near $5,100 per tonne.
The rally reflects expectations of stronger long-term demand from electrification projects, renewable energy infrastructure, electric vehicles, and data-center construction. Copper is widely viewed as one of the key commodities required for expanding power networks and supporting AI-related infrastructure investment.
Tight Market Conditions Continue to Support Producers
Despite a recent increase in inventories, supply conditions remain relatively tight. According to J.P. Morgan, global visible copper inventories have risen by approximately 540,000 tonnes since the start of 2026 and now stand near 1.5 million tonnes.
However, inventories remain low relative to global consumption, and traders continue to monitor the balance between growing demand and constrained mine supply. The combination of elevated prices and resilient physical demand has created a supportive backdrop for major producers such as KGHM.
For copper miners, higher sales volumes matter most when they coincide with strong pricing. With copper trading near record levels and KGHM reporting another month of year-over-year sales growth, the latest figures suggest the company continues to benefit from favorable market conditions across the global copper industry.
Artem Voloskovets
