Global copper smelting activity declines despite strong show in China

Global copper smelting activity fell for the first time since October 2024, according to the Global Copper Monitoring Index.

The fall in activity was notable as it came despite continued strength in China.

While smelting activity in the rest of the world fell by 1.6% in January to February.

Average global smelting activity therefore decreased by 0.2% in February, consistent with a rise in the global inactive capacity index from 8.6% in January to 8.8%, according to the Earth-i's SAVANT's Global Copper Monitoring Index.

Nevertheless, smelting activity remains strong, defying prevailing market conditions for treatment and refining charges, with February's figure still the second highest reading in the last two years.