Copper Market Report August 2016

Introduction 3
1 International market review 3
1.1 LME copper prices fluctuate down further 3
1.2 Copper inventories on LME rise significantly 3
2 Chinese domestic market review 4
2.1 Copper prices fluctuate down in China 4
2.2 Spot copper concentrate prices down 5
2.3 Copper rod market sees more transactions 5
2.4 Copper scrap still in tight supply 6
3 Monthly production data 6
3.1 Global refined copper output analysis 6
3.1.1 Global refined copper market in a deficit of 197,000t during Jan-June 6
3.2 Chinese copper product output analysis 7
3.2.Asian Metal Copyright3 Chinese imports of copper scraps up by 1.Asian Metal Copyright1 Operating rate of China’s low-oxygen copper rod plants edge up to 57.8% in August 7
3.2.Asian Metal Copyright3% YOY in the first seven months of 2016 15 6.Asian Metal Copyright2 8Copper rod stocks in Chinese low-oxygen copper rod plants down by about 18.8% MOM in late August 8
4 Import data 8
4.1 China’s copper imports down by 17.7% MOM in July 8
4.2 China’s copper ore and concentrate imports up by 2.2% MOM in July 10
4.3 Chinese imports of copper scraps up by 1.6% MOM in July 12
5.1 Copper refineries 14
5.11 Ashele Copper's copper concentrate output up in 2016 14
5.12 Zhangjiagang United Copper's copper concentrate output down in August 15
5.13 Daye Non-ferrous' average monthly sales for copper cathode from January to July down year on year 15
5.2 Copper rod plants 15
5.21 Xiangrui Copper plans to produce 12,000t of copper rod in August 15
5.22 Xinxing Zhuguan plans to suspend copper rod production by the end of August 15
6 Related industry developments 15
6.1 Total investment in national real estate development up by 5.3% YOY in the first seven months of 2016 15
6.2 China’s investment in power grid during Jan-Jul down by 8.4%YOY 16
7 Outlook for September 16

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

Table 1 China’s copper imports in July 9
Table 2 Major Chinese refined copper importers in July 9
Table 3 Chinese imports of copper ore and concentrate in July 11
Table 4 Major Chinese copper ore and concentrate importers in July 11
Table 5 Chinese imports of copper scrap in July 13
Table 6 Major Chinese copper scrap importers in July 13

.Asian Metal Copyright2 China’s investment in power grid during Jan-Jul down by 8Asian Metal Copyright