There was a “significant improvement” in global copper smelting activity in September, according to the SAVANT platform.
“September was the first month this year that China, North America and Europe were all indicating above average levels of activity,” Marex Spectron’s global head of analytics Dr Guy Wolf said.
The global activity dispersion index averaged 50.2, according to the geo-spatial analytics product launched a year ago, above August’s 44.2 and 45.8 from September 2019.
Wolf said the main story was the pick-up outside of China, particularly in North America.
Copper closed slightly lower, down 0.2%, on Friday on the London Metal Exchange however supply concerns could emerge this week.
Lundin Mining announced on the weekend it was planning to temporarily suspend its Candelaria mine in Chile after a second union at the mine is set to go on strike.
Dual-listed Mkango Resources was one of the bigger market risers in Toronto on Friday (TSXV: MKA), closing up almost 64% to C18c – a one-year high – on no news.
The company is focused on its Songwe rare earth deposit in Malawi and last month announced a rutile and ilmenite discovery at its Mchinji licence in the country.
The US has put the security of supply of rare earths and critical minerals in the spotlight with president Donald Trump declaring mining a national emergency about two weeks ago.
Read More: Market futures, copper smelting activity up