Copper smelting hits June lull according to satellite surveys
Accoridng to geo-spatial analysis June global copper smelting activity was down due to China entering its seasonal maintenance window.
Results from SAVANT, a service run by Earth-i and Marex, was published today.
The company also noted the lowest acvity for nickel during the month of June over the past five years.
The full data bullets published by the companies for copper was the following:
- The Copper global activity dispersion index averaged 48.0. for the month, which is a small decline on the 49.4 of last month.
- The China copper index fell to 47.0 from 48.9, as idle capacity rose to the highest level since last June, due to maintenance periods.
- Asia ex-China exhibited a similar profile to China, with activity levels falling to 48.2 from 51.5, again due to higher idle capacity.
- North America has been the slowest region to recover and only registered a relatively weak 38.9 in May, albeit an improvement on prior periods, but this was sustained in June with an average 46.0.
- Europe also continued on the road to normality with activity readings of 49.1 in June, an improvement on May’s 45.7.
- South America had been the standout region in May with a reading of 59.2 but has mean-reverted somewhat in June to a level of 53.9.
June 2021 Nickel observations include:
- June is traditionally a seasonally strong month, yet the Nickel global activity dispersion index was 49.8, which is the lowest reading for the month over the past five years.
- The China Nickel Pig Iron activity index jumped to 62.3 from 47.7, which means that two of the past three months have seen the highest readings in the past five years (the April reading was 64.2). This however was not replicated in Nickel ex-NPI, with no material change to the activity levels (35.8).
- Indonesia did not see a similar effect in either NPI activity (37.7) or ex-NPI activity (33.0).
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