Copper Market Report February 2015

Introduction 5
1. Financial Overview 5
1.1 Domestic financial overview 5
1.1.Asian Metal Copyright2 Chinese copper and copper product analysis 14 4.Asian Metal Copyright1 January CPI growth rate breaks 1% PPI drops 4.3% YOY 5
1.1.2 February PMI rebounds slightly 6
1.2 International financial overview 7
1.2.1 Crude oil futures prices rebound from the bottom 7
1.2.2 US dollar to keep climbing up in February 8
2 International market review 9
2.1 Copper futures on LME move up 9
2.2 Copper inventories on LME continue to go up 9
2.3 North American copper market flat 10
3 Chinese domestic market review 10
3.1 Copper prices in China climb up but trading thin 10
3.2 No improvement in copper concentrate market 12
3.3 Copper rod market climbs 12
3.4 Copper scrap prices rebound 13
4 Monthly production data 13
4.1 Global refined copper output analysis 13
4.1.1 Global refined copper market in deficit by 10,500t in 2014 13
4.2 Chinese copper and copper product analysis 14
4.2.Asian Metal Copyright Financial Overview 5 1.Asian Metal Copyright1 Operating rate of Chinese main copper refineries in February down by 6.8% MOM 14
4.2.2 Operating rate of China’s main copper rod plants in February down by 34% MOM 15
4.2.Asian Metal Copyright1.Asian Metal Copyright3 Copper rod stocks in main Chinese plants down by 16.1% MOM in late February 16
5 Import data 16
5.1 Chinese copper imports in January down by 4.7% MOM 16
5.2 Chinese copper ore and concentrate imports in January 2015 down by 20.5% MOM 20
5.3 Chinese imports of copper products in January down by 13% MOM 23
5.4 Chinese imports of copper scraps in January down by 16.4% MOM 23
6 Company news 26
6.1 Copper refineries 26
6.1.1 Jiangxi Copper exports 290,000t of copper in 2014 26
6.1.2 Daye Nonferrous Metal cuts copper production by 50% due to maintenance in February 26
6.1.3 Tongling Nonferrous Metals exports about 100,000t of copper in 2014 26
6.1.4 Hongyue Group Beifang Copper’s running crude copper capacity reaches 80% 27
6.2 Copper rod plants 27
6.2.1 Jiangrun Copper reduces production of copper rod for maintenance 27
6.2.2 Zhongguangrun Copper produces 10,000t of copper rod in February 27
7 Related industry developments 27
7.1 Average prices for air conditioning industry to touch the bottom in March 27
7.2 Chinese automobile exports decline for the second consecutive year 28
8 Outlook for March 28


.Asian Metal Copyright2 Operating rate of China’s main copper rod plants in February down by 34% MOM 15 4Asian Metal Copyright