The global foundry activity copper fell in June, resuming a downward trend seen this year, satellite monitoring data from metal processing plants showed on Tuesday, even as activity in China rose to its highest level since January 2021.
“Outside of China, foundry activity weakened from May in all regions except Asia and Oceania”, the commodities broker said in a statement Marex and satellite service SAVANT.
earth-i, specializing in observational data, tracks smelters that account for 80-90% of global production. Sell 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 points in June from 46.2 in May, while foundry activity in China rose 3 points to 55.7 points.
A measure of 50 points indicates that smelters are operating at the average level of the last 12 months.
As for nickel, the global dispersion index fell to 40.4 points in June from 41.8 in May, the seventh consecutive monthly decline and a low in a year.
China’s nickel pig iron dispersion index (NPI) eased to 44.0 from 47.1 in May, marking its fourth consecutive month below the 50 average.
Source: Reuters
Source: Gestion
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