Copper Market Report December 2016

Abstract 3
1 International market review 3
1.1 LME copper prices fluctuate up 3
1.2 Copper inventories on LME increase significantly 4
2 Chinese domestic market review 4
2.1 Spot copper prices fluctuate downwards 4
2.2 Treatment charges for spot imported copper concentrate decline 5
2.3 producers of enameled wire-used copper rod produce actively 6
2.4 Copper scrap prices edge up 6
3 Monthly production data 7
3.1 Global refined copper output analysis 7
3.1.Asian Metal Copyright3 China’s copper scrap imports up by 39.Asian Metal Copyright1 Operating rate of Chinese low-oxygen copper rod producers down to 56.8% in December 7
3.1.Asian Metal Copyright1.Asian Metal Copyright2 Copper rod stocks in Chinese low-oxygen copper rod plants up by around 4.9% MOM in late December 8
4. Import & Export data 9
4.1 China’s refined copper imports up by about 45.8% MOM in November 9
4.2 China’s copper ore and concentrate imports up by about 29% MOM in November 11
4.3 China’s copper scrap imports up by 39.1% MOM in November 12
5 Company news 15
5.1 Copper refineries 15
5.11 Yunnan Copper signs long-term contracts for copper concentrate in H1 of 2017 15
5.12 Jinchuan Fangchenggang Subsidiary to increase 100,000t of copper cathode in 2016 15
5.13 Hengbang Smelting’s newly increased copper cathode production stable 15
5.2 Copper rod plants 16
5.21Jinchuan Electric Cable’s copper rod operating rate down by 50% in Nov and Dec over Oct 16
5.22 Jinyuan Copper’s copper rod output in 2016 beyond expectation 16
6. Related industry developments 16
6.1 Total investment in real estate development up by 6.5% YOY in the first eleven months 16
6.2 Total investment in power grid down by 12.7% from January to November 17
7 Outlook for December 17

Picture 1 3-month copper on LME in November-December 4
Picture 2 Copper inventories on LME in October-November 4
Picture 3 Copper prices in Chinese market in November-December 4
Picture 4 Copper premiums in Shanghai in November-December 5
Picture 5 Copper concentrate 20%min prices in China in November-December 6
Picture 6 Monthly operating rate of Chinese low-oxygen copper rod producers 7
Picture 7 Operating rate of Chinese low-oxygen copper rod producers by province 8
Picture 8 Monthly copper rod stocks in Chinese low-oxygen copper rod plants 8
Picture 9 Low-oxygen copper rod stocks 9
Picture 10 China’s refined copper imports 9
Picture 11 the major exporters of refined copper and their exports 10
Picture 12 Chinese imports of copper ore and concentrate by month 11
Picture 13 the main exporters of copper ore and copper concentrate and their exports to China 11
Picture 14 China’s copper scrap imports by month from January 2015 to November 2016 13
Picture 15 Major refined copper exporters and the exports to China from Jan 2015 to Nov 2016 13

Table 1 China’s refined copper imports by country in Nov 10
Table 2 Main exporters of copper ore and copper concentrate and their exports to China 12
Table 3 Top ten copper ore and concentrate importers in Nov 12
Table 4 Chinese refined copper imports by country in November 13
Table 5 Top ten copper scrap importers in Nov 2016 15

.Asian Metal Copyright1 China’s refined copper imports up by about 45Asian Metal Copyright