Global copper smelting edges lower

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    LONDON- Global copper smelting edged lower in February as industrial activity in top producer China declined during the Lunar New Year holiday, data from satellite surveillance of copper plants showed.

    The decline in China was partially offset by gains in Europe and North America, which had been hit the previous month by pandemic-linked lockdowns, satellite service SAVANT and broker Marex Spectron said in a joint statement on Wednesday.

    “The large decline in Chinese smelter activity was well anticipated due to the holiday period and should recover fairly quickly,” said Guy Wolf, global head of analytics at Marex, which helped to develop SAVANT. – Reuters