Copper smelting activity in North America soared

Global copper smelting activity recovered in August, mainly due to the sharp increase in North American copper smelting activities, while copper smelting in China continued to decline.

The global activity dispersion index averaged 44.2 in August, an improvement over the previous quarter, but was still the lowest since 2016 (41.5).

China’s activity dispersion index further fell to 39.3 in August, the lowest level since March 2018 (38.8). This is only the second month of the year when the index recorded below 50.

This year, the North American activity dispersion index was lower than 35 for seven consecutive months, and rebounded sharply to 58.7 in August, the highest level since September 2019 (62.4).

The activity dispersion index is a measure of the capacity weighted activity level observed at the smelter site. A reading of 50 indicates that the current activity level is on average. Readings above or below 50 indicate activity levels above or below average, respectively.

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