Summary: According to a joint statement released on Wednesday by satellite services company SAVANT and broker Marex, global copper smelting activity rebounded in April 2021 from the previous month's at least five-year low, as higher copper prices prompted smelters to increase activity.
May 5 (Foreign media): Satellite services company SAVANT and broker Marex said in a joint statement on Wednesday that global copper smelting activity rebounded in April 2021 from the lowest level in at least five years recorded in the previous month, as rising copper prices drove up smelting activity.
So far this year, London copper futures prices have risen 29%, and on Wednesday (May 5) they briefly broke through $10,000 per ton in intraday trading, marking the first time the price has returned to $10,000 since February 2011.
Smelting activity remained weak in the first half of April, but accelerated significantly in the second half.
The smelting activity index in March was extremely low, reflecting the profit pressure on smelters caused by the shortage of copper concentrate. But since then, copper prices have risen sharply, and smelting activity rebounded significantly in the second half of April.
In April this year, the global dispersion index reflecting smelting activity averaged 43.6, up from 39.8 in March. The March index was also the lowest since records began in March 2016.
In April, China's dispersion index was 44.3, up from 40.7 in March. The European index was 37.7, up from 32.4 in March; the North American index also edged up to 33.1 in April from 32.3 in March. When the index reaches 50, smelting activity is equivalent to the average level of the past 12 months.