According to the latest data from the World Bureau of Metal Statistics (WBMS), in May, global refined nickel production reached about 321,000 tons, while consumption was around 281,000 tons, resulting in a supply surplus of nearly 41,000 tons. Nickel ore production in May was 346,000 tons, bringing the five-month total to about 1.65 million tons. From January to May, cumulative refined nickel output totaled 1.61 million tons, with consumption at 1.44 million tons, creating a surplus of 165,000 tons.

In May 2025, global refined copper production reached 2.38 million tons, while consumption totaled about 2.29 million tons, resulting in a supply surplus of 84,000 tons. From January to May, cumulative global refined copper production stood at nearly 11.3 million tons, with consumption at 11.03 million tons, leading to a supply surplus of 263,000 tons. Additionally, global copper concentrate production in May was 1.58 million tons, bringing the total output for the first five months of the year to 7.7 million tons.