Copper Market Report July 2017

Content
Abstract 3
1 International market review 3
1.1 LME copper price up sharply 3
1.2 Copper cathode inventory on LME first rises then falls 3
2 Chinese market review 3
2.1 Copper cathode prices up sharply 3
2.2 Price coefficient for copper concentrate remains unchanged 4
2.3 Demand for copper rod slightly weakens 5
2.4 Market supervision on copper scrap becomes stricter 5
3 Supply and demand data analysis 5
3.1 Chinese output of low-oxygen copper rod down by about 5.1% MOM in July 2017 5
3.2 Chinese low-oxygen copper rod producers’ stocks down by about 15 % MOM in late July 2017 6
3.3 China’s copper cathode output down by about 1.1 % MOM in July 2017 6
3.4 Chinese refined copper producers’ copper cathode stocks down by about 17.2 % MOM in late July 7
4 Import and export data analysis 8
4.1 China’s copper ore and concentrate imports up by about 21.8% MOM in June 8
4.2 China’s refined copper imports up by about 2.3% MOM in June 10
4.3 China’s copper scrap imports up by about 8.3% MOM in June 2017 12
5 Company news 15
6 Market outlook 16

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

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

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