Copper Market Report September 2014

Introduction 4
1. Financial Overview 4
1.1 Domestic financial overview 4
1.1.Asian Metal Copyright1 Chinese copper outputs up by 7% MOM in September 15 4.Asian Metal Copyright1 CPI up by 2.Asian Metal Copyright2.Asian Metal Copyright0% and PPI down by 1.2% YOY in August 4
1.1.2 PMI unchanged in September 5
1.2 International financial overview 6
1.2.1 Crude oil futures prices keep failing 6
1.2.2 Dollar Off to a Strong Start in September 7
2 International market review 8
2.1 Copper futures move down 8
2.2 Copper inventories on LME stay at high levels 10
2.3 Copper scrap market still tight in Europe 11
3 Chinese domestic market review 11
3.1 Copper prices in China slide 11
3.2 Copper concentrate market moves down 12
3.3 Copper rod market moves down 13
3.4 Copper scrap market down the tightness continues 14
4 Monthly production data 14
4.1 Global refined copper output analysis 14
4.1.1 Global refined copper market in deficit by 374,000t in Jan-Jul 14
4.2 Chinese copper and copper product analysis 15
4.2.1 Chinese copper outputs up by 7% MOM in September 15
4.2.2 Operating rate of China’s main copper rod plants in September up by 2% MOM 16
4.2.3 Copper rod stocks in main Chinese plants up by 8% MOM in late September 16
5 Import data 17
5.1 Chinese copper imports in August down by 4.3% MOM 17
5.2 Chinese copper ore and concentrate imports in August up by 6.5% MOM 20
5.3 Chinese imports of copper products in August down by 6% MOM 24
5.4 Chinese imports of copper scraps in August down by 5% MOM 25
6 Company news 29
6.1 Copper refineries 29
6.1.1 Xinze Copper plans to increase copper outputs to 6,000t per month from October 29
6.1.2 Baiyin Nonferrous Metal Group resumes copper production in early September 29
6.1.3 Qingyuan Jiangxi Copper to produce 100,000t of copper in 2014 29
6.1.4 Fangyuan Nonferrous Metal's copper expansion project of 200,000tpy will come on stream in December 29
6.2 Copper rod plants 30
6.2.1 Xinneng 120,000tpy copper rod new project restarts production in October 30
6.2.2 Eastern Copper September copper rod production declines 30
6.2.3 Xinke New Material September copper rod production reaches a new high 30
7 Related industry developments 30
7.1 China’s real estate development investment increases by 13.2% YOY in Jan-Aug 30
7.2 China’s auto sales volume in August up by 6.02% MOM 30
8 Outlook for October 31

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