Copper Market Report June 2017

Content
Abstract 3
1 International market review 3
1.1 LME copper price up steadily 3
1.2 Copper cathode inventory on LME down 3
2 Chinese market review 3
2.1 Copper cathode prices up steadily 3
2.2 Price coefficient for copper concentrate stable 4
2.3 Demand for copper rod stable 5
2.4 Price coefficient for copper scrap up slightly 5
3 Supply and demand data analysis 5
3.1 Chinese copper cathode output up by about 9.5% YOY in H1 2017 5
3.2 Chinese refined copper producers’ copper cathode stocks down by about 40.5% MOM in late June 6
3.3 Chinese low-oxygen copper rod plants’ operating rate up slightly to 64% in June 7
3.4 Chinese low-oxygen copper rod producers’ stocks down by about 5.5% MOM in late June 7
4 Import and export data analysis 8
4.1 China’s copper ore and concentrate imports down by about 14.9% MOM in May 8
4.2 China’s refined copper imports up by about 30.5% MOM in May 10
4.3 China’s copper scrap imports up by about 7.9% MOM in May 12
5 Company news 15
6 Market outlook 16

Picture 1 3-month copper on LME from May 2017 to Jun 2017 4
Picture 2 Copper cathode inventory on LME from May 2017 to Jun 2017 4
Picture 3 Spot copper prices in Chinese market from May 2017 to Jun 2017 5
Picture 4 Copper premiums in Shanghai from May 2017 to Jun 2017 5
Picture 5 Spot copper concentrate price trend in China from May 2017 to Jun 2017 5
Picture 6 China’s copper cathode output from Jan 2016 to Jun 2017 6
Picture 7 China’s copper cathode output by major province from Jan 2016 to Jun 2017 6
Picture 8 Chinese refined copper producers’ copper cathode stocks from Jan 2016 to Jun 2017 7
Picture 9 Chinese refined copper producers’ copper cathode stocks by province from Jan 2016 to Jun 2017 7
Picture 10 Monthly operating rates of Chinese low-oxygen copper rod plants from Jan 2016 to Jun 2017 8
Picture 11 Operating rates of Chinese low-oxygen copper rod plants by provinces from Jan 2016 to Jun 2017 8
Picture 12 Monthly stocks held by Chinese low-oxygen copper rod producers from Jan 2016 to Jun 2017 8
Picture 13 Monthly stocks for low-oxygen copper rod in major provinces of China from Jan 2016 to Jun 2017 9
Picture 14 China's copper ore and concentrate imports by month from Jan 2016 to May 2017 9
Picture 15 China’s copper ore and concentrate monthly imports by origin country from Jan 2016 to May 2017 10
Picture 16 China’s refined copper imports by month from Jan 2016 to May 2017 11
Picture 17 China’s refined copper imports by origin country from Jan 2016 to May 2017 12
Picture 18 China’s copper scrap imports by month from Jan 2016 to May 2017 13
Picture 19 China’s copper scrap imports by origin county/region from Jan 2016 to May 2017 14

Table 1 China's imports for copper ore and concentrate by country in May 2017 9
Table 2 China's major importers for copper ore and concentrate in May 2017 10
Table 3 China’s imports for refined copper by countryin May 2017 11
Table 4 China's major importers for refined copper in May 2017 12
Table 5 China’s imports for copper scrap by origin county/region in May 2017 13
Table 6 China's major importers for copper scrap in May 2017 14

.Asian Metal Copyright1 Copper cathode prices up steadily 3 2Asian Metal Copyright