Copper Market Report March 2016

Contents
Introduction 3
1 International market review 3
1.1 Copper futures on LME climb 3
1.2 Copper inventories on LME fall 3
2 Chinese domestic market review 3
2.1 Copper prices in China increase 3
2.2 Spot copper concentrate TCs advance 4
2.3 Trading in copper rod market improves 5
2.4 Copper scrap supply still tight 5
3 Monthly production data 5
3.1 Global refined copper output analysis 5
3.1.1 Global refined copper market in supply-demand balance 5
3.2 Chinese copper product analysis 5
3.2.Asian Metal Copyright1 Copper refineries 11 5.Asian Metal Copyright1 Operating rate of China’s low-oxygen copper rod plants climb to 57.01% in March 5
3.2.Asian Metal Copyright01% in March 5 3.Asian Metal Copyright2 Copper rod stocks in Chinese low-oxygen copper rod plants up by 2.5% MOM in late March 6
4 Import data 7
4.1 China’s copper imports up by 1.46% MOM in February 7
4.2 China’s copper ore and concentrate imports up by 24.59% MOM in February 8
4.3 Chinese imports of copper scraps down by 37.82% MOM in February 9
5 Company news 11
5.1 Copper refineries 11
5.1.1 Zhangjiagang Lianhe Copper resumes 100,000tpy copper smelter 11
5.1.2 Daye Nonferrous to cut copper outputs for maintenance on April 9 11
5.1.3 Yingkou Shenghai Chemical to resume production of blister copper in early April 11
5.2 Copper rod plants 12
5.2.1 Tongtai Gaodao’ 320,000tpy copper rod project to start production in early April 12
5.2.2 Xinke New Material produces 10,000t of copper rod in March 12
6 Related industry developments 12
6.1China’s real estate development investment up by 3% YOY in Jan-Feb 12
6.2 China’s investment in power grid during Jan-Feb up by 35.8% YOY 12
7 Outlook for April 12


Picture 1 3-month copper on LME in Feb-Mar 3
Picture 2 Copper inventories on LME in Feb-Mar 3
Picture 3 Copper prices in Chinese market in Feb-Mar 4
Picture 4 Copper premiums in Shanghai in Feb-Mar 4
Picture 5 Copper concentrate 20%min prices in China in Feb-Mar 5
Picture 6 Operating rate of China’s low-oxygen copper rod plants in 2015-2016 6
Picture 7 Operating rates of Chinese copper rod producers in main provinces in 2015-2016 6
Picture 8 Changes in Chinese copper rod stocks in 2015-2016 6
Picture 9 Copper rod stock changes in main provinces in 2015-2016 7
Picture 10 China’s refined copper imports in 2015-2016 7
Picture 11 Chinese imports from Chile, India, Australia and Japan in 2015-2016 7
Picture 12 Copper ore and concentrate imports in 2015-2016 8
Picture 13 Chinese imports of copper ore from Chile, Peru and Mongolia 9
Picture 14 Chinese imports of copper scrap in 2015-2016 10
Picture 15 Chinese imports of copper scrap from the US, Australia and Hong Kong 10



Table 1 China’s copper imports in February 7
Table 2 Major Chinese refined copper importers in February 8
Table 3 Chinese imports of copper ore and concentrate in February 9
Table 4 Major Chinese copper ore and concentrate importers in January 9
Table 5 Chinese imports of copper scrap in February 10
Table 6 Major Chinese copper scrap importers in February 11


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