LONDON (Reuters) – Global nickel smelting activity rebounded in November, boosted by gains in North America and Europe, while refined copper output tumbled, satellite surveillance data showed on Monday.
Nickel production has surged due to the resumption of Vale’s Sudbury smelter in Canada, while relief from an energy crisis has boosted activity in China, satellite service SAVANT and brokerage Marex said in a statement.
Earth-i, which specializes in geospatial data, uses satellites to track up to 90% of the global copper and nickel smelting capacity.
In the SAVANT dispersion index, 50 points indicate that smelters are operating at the average level of the last 12 months. It also has a second index that shows the percentage of active foundries.
Its global nickel dispersion index rose to an average of 51.4 in November from 46.0 a month earlier, with the US index hitting a record and the European level a two-year high.
In copper, the global dispersion index dropped to an average of 51.7 in November, against 52.2 in October.
“Global smelting activity declined slightly in November as increases in China and North America were more than offset by declines in South America, Europe and Africa,” a statement said.
(Reporting by Eric Onstad)
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