Daily Management Review

Global copper and nickel production decline in June


According to satellite data released on Monday, the amount of copper smelted globally decreased in June, primarily as a result of lower metallurgical capacity in Chile.

The top producer of copper in the world, state-owned Codelco in Chile, said on June 8 that it had temporarily shut down its Ventanas copper smelter for upkeep and repairs.

According to a joint statement released by Marex and the analytical service provider SAVANT, a joint Marex and Earth-I initiative started in 2019, that element, combined with weak industrial activity in the PRC and Europe, has contributed to a fall in world copper production.

Satellite data shows that operations at Chile's Chuquicamata, El Tiente, and El Salvador mines have simply reduced production capacity while operations at Ventanas have been completely ceased.

Marex Global stated that "the SAVANT data reveals indicators of a breakdown in demand for industrial metals."

source: reuters.com