The global foundry activity copper remained practically stable in August, with a rebound in China, The top refinery producer, offset by weak measures elsewhere, data from satellite monitoring of oil processing plants showed on Tuesday. metals.
Only four of the 37 primary smelters being monitored in China were idle at the end of last month, commodities broker Marex and the SAVANT satellite service said in a statement.
“August is always an interesting month for mid-chain copper as Chinese smelters ramp up production ahead of the seasonal construction peak of September and October”said Guy Wolf, Marex’s global head of research.
Earth-i, specializing in observational data, tracks foundries that represent up to 90% of world production. The company sells data to fund managers, traders and miners, and publishes a free monthly index of global copper smelter activity.
Its global dispersion index fell to an average of 46.7 points in August, from 46.8 in July, even as Chinese foundry activity recovered to 48.1 points in August, from 44.8 in July, which had been its weakest reading since October 2022.
A measure of 50 points indicates that the smelters are operating at the average level of the last 12 months.
Activity was weak in South America and North America, with spread readings of 41 and 30.9 points, respectively.
Source: Reuters
Source: Gestion
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