According to the United States Geological Survey (USGS), global copper reserves were 1 billion tons in 2023. Countries rich in copper resources mainly include Chile (190 million tons), Australia (100 million tons), Peru (120 million tons), and Russia (80 million tons), Mexico (53 million tons) and the United States (50 million tons), etc. In terms of output, global copper output from ore in 2023 was 22 million tons. The main copper-producing countries were Chile (5 million tons), Peru (2.6 million tons), China (1.7 million tons), and the United States (1.1 million tons).

As the US dollar fell after surging, the spot prices and copper futures prices closed higher in 2023. SHFE copper prices rose by 4.23%, and LME copper prices rose by 2.27%. SMM 1# copper cathode gained 4.6%.

According to media reports citing sources, Glencore plans to increase its bid offer for Canadian mining company Teck Resources.

Teck Resources Co. recently announced the commissioning of the second phase of its Quebrada Blanca copper mine project. When fully operational, QB2 will double Tektronix's copper production. As one of the largest undeveloped copper resources in the world, QB2's initial mining life is 27 years.