Global copper smelting activity spiked in August compared to the previous month according to the latest data from the SAVANT satellite imaging platform.
The Earth-i satellite imaging platform uses geo-spatial analysis to measure copper smelting activities around the world.
The highest rebound in smelter production was recorded in North America, while activity in China was muted mainly due to maintenance-related shutdowns, according to Dr. Guy Wolf, global head of analytics at Marex Spectron, which partners with the SAVANT platform to analyze global copper activities.
The platform’s global dispersion index stood at 44.2 in August, a rise from July’s 41.2, which was the lowest recorded activity since 2016. While smelting activity in China declined, denoted by a reading of 39.3, the lowest since March 2018, North American activity surged to 58.7 from its previously recorded activity of below 35 for the past seven months.
Wolf noted that even though the total inactive smelters capacity in North America remained way above historical levels, the surge in August was due to some of the offline smelters resuming activities. He expects more smelters to come online over the next few months, which could result in a further spike in North American copper smelting activity.