Earth-i, which specializes in geospatial data, launched its SAVANT service late last year, tracking more than 100 smelters representing 80 percent to 90 percent of global production.
It sells data to fund managers, traders and miners and publishes a free monthly index of global copper smelter activity.
Its global dispersion index fell to an average of 39.8 in March from 45.8 a month earlier.
That was the lowest ever monthly average in the dataset, which goes back to March 2016.
Under SAVANT’s dispersion index, 50 points indicate smelters are operating at the average level of the last 12 months. It also has a second index showing the percentage of active smelters.
China, the world’s top refined copper producer, declined to 40.7 in March from 42.0 in February. Europe slipped to 32.4 in March from 43.0 a month before while North America dropped to 32.3 from 44.1 in February.