Copper Market Report 2011

Contents
1. Base attributes of copper 1
1.1 Natural quality of copper 1
1.2 Main applications of copper 2
1.3 Classification of copper 2
1.4 Classification and distribution of copper ore 3
2. Reserves and distribution features of copper in the world 5
2.1 Distribution of copper in the world 5
2.2 Copper resources in China 6
2.2.1 Distribution of copper in China 6
2.2.2 Basic reserve of copper in China 7
3. Macro-economy review 8
3.1 Non-ferrous metals market keeps at a high level in H1 due to the second monetary policy of quantitative easing in USA 8
3.2 Non-ferrous metal industry decreases in H2 as European debt crisis broke out 8
3.2.1 Reasons of European debt crisis 8
3.2.2 European debt crisis sped up to expand 8
3.2.3 Direction of European debt crisis 9
3.3 Economic growth slowed in the BRICs 9
3.3.1 INR depreciated and economic growth of high inflation slowed 9
3.3.2 Chinese monetary policy tightened and real estate price fell back 10
3.4 Outlook of global economy and non-ferrous metal price for 2012 13
3.4.Asian Metal Copyright5 Outputs of color television set in China 48 7.Asian Metal Copyright1. Global economy to slow 13
3.4.2 Non-ferrous metal price to drop due to USD appreciation 13
3.4.3 Non-ferrous metal price to stop decreasing due to oil price appreciation 14
4. Review of copper market for 2011 14
4.1 Outlook analysis of copper in LME and Shanghai 14
4.2 Inventory of LME copper 17
4.3 Analysis of cost factor 18
4.3.1 Growth rate of refined copper slowed due to low processing charge and mine strikes 18
4.3.2 Copper scrap supply continued to increase slowly 20
5. Analysis of global outputs 21
5.1 Global copper output 21
5.1.1 Global refined copper output 21
5.1.2 Global refined copper outputs 23
5.1.3 Refined copper outputs of major producers in the world 24
5.2 Outputs of China 25
5.2.1 Copper concentrate outputs of China 25
5.2.2 Refined copper outputs in China 28
5.2.3 Chinese copper product output 31
6. Import and export data 33
6.1 Copper import data in China 33
6.2 Copper scraps import in China 35
6.3 Refined copper import in China 37
6.4 China import copper product 39
7. Analysis on downstream consumption 40
7.1 Internaional consumption 40
7.1.1 Overseas consumption structure of refined copper 40
7.1.2 Global refined copper consumption 41
7.1.3 Consumptions of major consumers (outside China) for refined copper 42
7.2 Refined copper consumption of China 43
7.2.1 Consumption structure of refined copper in China 43
7.2.2 Refined copper consuming areas of China 44
7.2.3 Refined copper consumption volume of China 44
7.3 Copper consumption of China 45
7.4 Situations of major copper consumption industries in China 46
7.4.1 Power cable outputs of China 46
7.4.2 Domestic refrigerator outputs of China 46
7.4.3 Air-condition outputs of China 47
7.4.4 Washing machine outputs of China 48
7.4.5 Outputs of color television set in China 48
7.4.6 Auto output of China 49
8. Market outlook for 2012 50
8.1 Outlook of macro-economy 50
8.1.1 Market sentiment depressed by concerns on European debt crisis 50
8.1.2 US economy to recover slowly 50
8.1.3 Chinese economy to slow down 51
8.2 Fundamental plane outlook 51

Chart 1 Distribution of copper in the world 6
Chart 2 Copper distribution in China 7
Chart 3 Basic reserves of copper resources in China 2003-2011 7
Chart 4 Running chart of CPI and PPI in 2011 12
Chart 5 Running chart of USD index in 2011 14
Chart 6 Price of LME copper for three-month period in 2011 16
Chart 7 Spot price of copper in China in 2011 17
Chart 8 Inventories of LME copper in 2011 18
Chart 9 Copper output and capacity utilization in 2006-2011 19
Chart 10 Running charts of TC/RC in 2011 20
Chart 11 Global refined copper outputs in January to October, 2011 22
Chart 12 Global refined copper outputs in 2003-2011 22
Chart 13 Global refined copper outputs in January to October, 2011 23
Chart 14 Global refined copper outputs in 2003-2011 24
Chart 15 Copper concentrate outputs of China in 2011 25
Chart 16 Copper concentrate outputs of China in 2003-2011 26
Chart 17 Investments to copper exploration in 2003-2011 27
Chart 18 Project quantity of copper exploration in 2003-2011 27
Chart 19 Refined copper outputs in 2011 28
Chart 20 Refined copper outputs of China in 2003-2011 30
Chart 21 Operations rates of domestic smelting plants in 2011 31
Chart 22 Chinese copper product market structure 31
Chart 23 China Copper product output in 2011 32
Chart 24 China copper product output in 2003-2011 32
Chart 25 Import volume of copper concentrate in Jan-Nov, 2011 in China 34
Chart 26 Import volume of copper concentrate in 2003-2011 in China 34
Chart 27 Import ratio of the countries in 2011 35
Chart 28 Import volume of copper scrap in 2011 in China 36
Chart 29 Import volume of copper scraps in 2003-2011 in China 37
Chart 30 Import volume of refined copper in Jan-Nov, 2011 in China 37
Chart 31 Refined copper price ratio between SHME and LME in Sep –Dec, 2011 38
Chart 32 Import volume of refined copper in 2003-2011 in China 38
Chart 33 Import volume of copper product in Jan-Nov in China 39
Chart 34 Import volume of copper product in 2003-2011 in China 40
Chart 35 Refined copper consumption structure overseas 41
Chart 36 Global refined copper consumption volume in 2003-2011 42
Chart 37 Refined copper consumption structure of China 43
Chart 38 Copper consuming areas of China 44
Chart 39 Refined copper consumptions of China in 2003-2011 45
Chart 40 Cooper consumptions of China in 2003-2011 45
Chart 41 Power cable outputs of China in 2006-2011 46
Chart 42 Domestic refrigerator outputs of China in 2006-2011 47
Chart 43 Air-condition outputs of China in 2006-2011 47
Chart 44 Washing machine outputs of China in 2006-2011 48
Chart 45 Outputs of color television set in 2006-2011 49
Chart 46 Auto outputs of China in 2006-2011 49

Table 1 Adjustment of RRR in 2011 10
Table 2 Refined copper outputs of major producers in the world 24
Table 3 Refined copper outputs and capacities of major domestic smelting plants in 2011 28
Table 4 Major copper rod enterprises capacity and production 33
Table 5 Refined copper consumptions of major consumer countries 42