Global copper smelting eases in June; nickel pig iron jumps

LONDON (Reuters) – Global copper smelting activity slipped in June after a rebound a month earlier as Chinese plants closed for maintenance, data from satellite surveillance of copper plants showed. Satellite service SAVANT and broker Marex said in a joint statement on Friday that they were now monitoring nickel smelters, which showed weak refined nickel production, but a jump in nickel pig iron (NPI) activity. NPI is a lower-nickel-content substitute for refined nickel. “In copper, the narrative remains one of a slow march towards normality with material divergences at a regional level,” said Guy Wolf, global head of analytics at Marex, which helped to develop SAVANT. “The Chinese maintenance period appears to be taking place as scheduled this year but the very strong levels of NPI activity in China are striking.” Earth-i, which specialises in geospatial data, launched its SAVANT service late last year, tracking more than 100 copper smelters representing about 90% of global production. It sells data to fund managers, traders and miners and publishes a free monthly index of global copper smelter activity. Its global copper dispersion index fell to an average of 48.0 in June from 49.4 a month earlier. Under SAVANT’s dispersion index, 50 points… continue reading

Continue reading Global copper smelting eases in June; nickel pig iron jumps. This article appeared first on CTRM Center.