The Strategist

Global copper and nickel production fall in July

08/04/2022 - 11:27

According to satellite data released on Wednesday, global copper smelting declined in July among reductions in China and South America, according to Reuters.

According to a joint statement from Marex and analytical service provider SAVANT, a joint project between Marex and Earth-I that debuted in 2019, maintenance work at the Jinchuan and Jinjian-2 plants was partially to blame for the fall in activity in China.

South America has the lowest metal production, according to the statement.

Eighty to ninety percent of the world's metal operations are tracked by Earth-I, a company that specializes in geospatial data. The business also provides a monthly index of activity at copper smelters throughout the world that is open to the public. The company sells the data to stock managers, traders, and business insiders.

The index, which measures the activity of copper smelters around the world, dropped from 46.7 in May to 46.5 in July.

The South American copper output index fell more than 11 points to 37.7, which is the lowest reading since December 2021.