BASE METALS

Copper smelting index shows slight lift in January

The SAVANT Global Copper Smelting Index has shown a slight increase in activity for January, with Marex Spectron’s global head of analytics Dr Guy Wolf saying while the readings were soft, they did not display “the extreme weakness that was feared”.

Staff reporter
 Copper data did not display the ‘extreme weakness’ feared

Copper data did not display the ‘extreme weakness’ feared

The index put the month's average at 90.1, up from December's 88.9.

The figures have ranged over the past 12 months from 85.2 in April to 93.8 in July.

The observations showed activity was "particularly strong" in Europe during January, and while there was a slight recovery towards month-end, activity levels in China had reached their lowest levels since May 2018.

"The index readings suggest that Chinese smelters had been intending to bring production back online in the early part of January," Wolf said.

"Despite the coronavirus outbreak, the evidence is that production has been curtailed rather than stopped, particularly at the larger sites."

New York investment bank Jefferies said earlier this month copper was "the coiled spring in mining" and ready for a price breakout when the impact of COVID-19 subsides.

The SAVANT index was launched in October and monitors up to 90% of the smelting capacity for copper around the globe, using satellite and other data sources.

A growing series of reports, each focused on a key discussion point for the farming sector, brought to you by the Kondinin team.

A growing series of reports, each focused on a key discussion point for the farming sector, brought to you by the Kondinin team.

editions

Mining Journal Intelligence Investor Sentiment Report 2024

Survey revealing the plans, priorities, and preferences of 120+ mining investors and their expectations for the sector in 2024.

editions

Mining Journal Intelligence Mining Equities Report 2023

Access an exclusive, inside look on the quarterly mining IPOs and secondary raisings data and mining equities performance tables with an annual Stock Exchange Comparisons supplement.

editions

Mining Journal Intelligence World Risk Report 2023 (feat. MineHutte ratings)

A detailed analysis of mining investment risks across 121 jurisdictions globally, built on 11 ‘hard risk’ metrics and an industrywide survey.

editions

Mining Journal Intelligence Global Leadership Report 2023: Social licence

Gain insights into social licence trends and best practices from interviews with 20+ top mining company executives and an industrywide survey.