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METALS: Rise in China copper production suggests 'robust' recovery (FT)
- China's copper smelters further cranked up production in June, adding to
evidence that the world's top consumer of raw materials is recovering from an
economic downturn caused by the Covid-19 crisis. The China subset of the Savant
Global Copper Smelting Index, which uses satellites to monitor industry
activity, registered a reading of 53.9 in June, where 50 represents average
levels. Analysts were especially encouraged by the second consecutive month of
expansion - though the reading was down a little on the 54.6 recorded in May -
given that rising costs for ore were putting a squeeze on the sector.
- Link: https://www.ft.com/content/d91e9fb3-0b60-4c38-aa88-4f3763f82880