Satellite monitoring data from metal processing plants showed on Tuesday that while copper smelting activity in China rose to its highest level since January 2021, global copper smelting activity fell in June, resuming the downward trend seen earlier this year.
"Smelting activity weakened from May in all regions except Asia and Oceania, with the exception of China," commodities brokers Marex and SAVANT Satellite Services said in a statement.
Earth-i, which specializes in observational data, tracks smelters that account for 80-90% of global production. It sells data to fund managers, traders and miners. It also publishes a free monthly index of global copper smelter activity.
Its global dispersion index fell to 45.9 in June from 46.2 in May, while Chinese smelting activity rose 3 points to 55.7.
If the index reaches 50 points, it indicates that smelters are operating at an average level over the past 12 months.
Nickel's global dispersion index fell to 40.4 in June from 41.8 in May, the seventh consecutive monthly decline and the lowest level in a year.
China nickel pig iron (NPI) dispersion index dropped from 47.1 in May to 44.0, below the average 50 for four consecutive months.
