On November 8th, foreign media reported that according to a satellite monitoring data released on Friday for copper factories, the main reason for the increase in global refined copper production in October was strong smelting activities in China. Earth-i, a UK based company focused on geospatial data, launched the SAVANT service last month, which tracks 100 smelters, accounting for 80-90% of global production.
The company sells data to fund managers, traders, and miners, but also publishes a monthly activity index of copper smelters for free. In October, the index rose to an average of 89.7 points, up 3.2 points from the previous month. This index represents the percentage of active smelters worldwide. A statement stated: 'The rebound began in late September and was driven by the sharp acceleration of Chinese smelting activities at the end of the month.'
(Image source: Shanghai Nonferrous Metals Network, predicting electrolytic copper production)
The company added that due to reduced smelting in North America, South America, and Asia (excluding China), smelting activity in late October was not as strong. "We saw a significant rebound in the index at the end of September, which is a foresight for the recovery of Chinese demand," said Guy Wolf, Global Analytics Director at brokerage firm MarexSpectron
"The latest data shows that China's current smelting activities are more active than other regions, which may indicate that people are starting to optimistically believe that the trade war may be coming to an end."
(Introduction to the article: Increase in production of major copper smelting enterprises in China)
Source: Shanghai Nonferrous Metals
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