Copper Market Report February 2017

Abstract 3
1 International market review 3
1.1 LME copper price slightly down after soaring 3
1.2 Copper inventories on LME see widened decline 3
2 Chinese market review 4
2.1 Chinese spot copper cathode market under increased pressure 4
2.2 Chinese copper mines strongly inclined to resume production 5
2.3 Copper rod producer sees limited orders 6
2.4 Inquires for copper scrap exceed transactions 6
3 Monthly production data 6
3.1 Global refined copper output analysis 6
3.11 Global refined copper market in surplus of 58,000t in 2016 6
3.2 Chinese copper product output analysis 7
3.2.Asian Metal Copyright1 State Grid holds two conferences in 2017 to issue roadmap for 13th Five Year Plan 15 7 Market outlook for December 15 Appendix 16 Picture 1 3-month copper on LME from Jan 2017 toFeb 2017 3 Picture 2 Copper inventories on LME from Jan 2017 to Feb 2017 3 Picture 3 China’s spot copper price trend from Jan 2017 to Feb 2017 4 Picture 4 Spot copper premiums in Shanghai from Jan 2017 to Feb 2017 4 Picture 5 Spot Chinese copper concentrate price trend from Jan 2017 to Feb 2017 5 Picture 6 China’s monthly refined copper imports from Jan 2016 to Jan 2017 7 Picture 7 China’s monthly refined copper imports by major country of origin from Jan 2016 to Jan 2017 8 Picture 8 China’s monthly copper ore and concentrate imports from Jan 2016 to Jan 2017 9 Picture 9 China’s monthly copper ore and concentrate imports by origin country from Jan 2016 to Jan 2017 9 Picture 10 China’s copper scrap imports by month from Jan 2016 to Jan 2017 10 Picture 11 Major copper scrap exporters and their exports to China from Jan 2016 to Jan 2017 11 Table 1 Details of China's refined copper imports in January 2017 8 Table 2 Details of China's copper ore and concentrate imports in Jan 2017 9 Table 3 China’s major copper ore importers in Jan 2017 10 Table 4 Details of Chinese copper scrap imports by country in Jan 2017 11 Table 5 China’s main copper scrap importers in Jan 2017 11 Table 6 China’s major importers of copper concentrate in Jan 2017 13 Table 7 China’s major importers of refined copper in Jan 2017 14 Table 8 China’s major importers of copper scrap in Jan 2017 17 .Asian Metal Copyright1 Operating rate of Chinese low-oxygen copper rod plants down to 44.5% in February 7
3.2.Asian Metal Copyright4 Inquires for copper scrap exceed transactions 6 3 Monthly production data 6 3.Asian Metal Copyright2 Copper rod stocks in Chinese low-oxygen copper rod plants down by around 10.2% MOM in late February 8
4 Import & Export data 9
4.1China’s refined copper imports down by about 22.7% MOM in Jan 9
4.2China’s copper ore and concentrate imports down by about 25% MOM in Jan 10
4.3 China’s copper scrap imports down by about 16% MOM in Jan 12
5 Company news 14
5.1 Copper concentrate and refined copper 14
5.1.1 Inner Mongolia Mining doubles copper concentrate stocks 14
5.1.2 Jinchuan (Jinchang) Group’s copper cathode output to remain at low level in February 15
5.2 Copper rod 15
5.2.1 Kunming Copper sees higher copper rod output than expectation in February 15
5.2.2 Deli Copper to increase operating rate of copper rod in 2017 15
6 Related industry developments 15
6.1 State Grid holds two conferences in 2017 to issue roadmap for 13th Five Year Plan 15
7 Market outlook for December 15
Appendix 16

Picture 1 3-month copper on LME from Jan 2017 toFeb 2017 3
Picture 2 Copper inventories on LME from Jan 2017 to Feb 2017 3
Picture 3 China’s spot copper price trend from Jan 2017 to Feb 2017 4
Picture 4 Spot copper premiums in Shanghai from Jan 2017 to Feb 2017 4
Picture 5 Spot Chinese copper concentrate price trend from Jan 2017 to Feb 2017 5
Picture 6 China’s monthly refined copper imports from Jan 2016 to Jan 2017 7
Picture 7 China’s monthly refined copper imports by major country of origin from Jan 2016 to Jan 2017 8
Picture 8 China’s monthly copper ore and concentrate imports from Jan 2016 to Jan 2017 9
Picture 9 China’s monthly copper ore and concentrate imports by origin country from Jan 2016 to Jan 2017 9
Picture 10 China’s copper scrap imports by month from Jan 2016 to Jan 2017 10
Picture 11 Major copper scrap exporters and their exports to China from Jan 2016 to Jan 2017 11

Table 1 Details of China's refined copper imports in January 2017 8
Table 2 Details of China's copper ore and concentrate imports in Jan 2017 9
Table 3 China’s major copper ore importers in Jan 2017 10
Table 4 Details of Chinese copper scrap imports by country in Jan 2017 11
Table 5 China’s main copper scrap importers in Jan 2017 11
Table 6 China’s major importers of copper concentrate in Jan 2017 13
Table 7 China’s major importers of refined copper in Jan 2017 14
Table 8 China’s major importers of copper scrap in Jan 2017 17

.Asian Metal Copyright11 Global refined copper market in surplus of 58,000t in 2016 6 3Asian Metal Copyright