the most essential and authoritative source for copper & copper … · 2019. 1. 18. · chinalco...

Copper & Copper Fabrication Monthly No.263

www.antaike.com 1

Copper & Copper Fabrication Monthly December 2018 No. 263

The Most Essential and Authoritative Source for

Chinese Metals Market

Hosted by:

China Nonferrous Metals Industry Association

Published monthly by:

Beijing Antaike Information Development Co., Ltd.

Chief Editor: Yang Changhua(Mr.)

Executive Editor: Janey Ding (Ms.)

Research Team:

Wang Jun (Ms.);He Xiaohui (Mr.); Zou Jiancheng (Mr.);

Sales Manager: Li Yuan (Ms.)

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©2018 Beijing Antaike Information Development Co., Ltd.

This issue was dispatched on Dec. 14, 2018.

INSIDE THIS ISSUE

Supply-Demand Balance ...............................................................2

Price Trend ....................................................................................3

Copper Demand ............................................................................5

Import&export ..............................................................................6

TC/RC ...........................................................................................6

Copper Scrap Market ....................................................................7

Copper Market Outlook ................................................................7

News in Brief ................................................................................8

Statistics ........................................................................................11

Chinese Copper in Concentrate Output by Regions in 2018 11

Chinese Refined Copper Output by Regions in 2018 ..........11

Chinese Copper Semis Output by Regions in 2018 .............12

Chinese Imports and Exports of Cu Products in 2018 .........13

Copper Price and Inventories of SHFE and LME ................13

Output of Major Copper-using Products and Investment in

Power industry .....................................................................14

Development and Investment of Chinese Housing Sector ...14

http://www.antaike.com/http://www.metalchina.com/mailto:[email protected]


2

Supply-Demand Balance

Copper Concentrate

Unit: kt copper metal 2016 2017 Jan.-Oct. 2018 Nov-18 2018

Domestic production 1,610 1,642 1280 130 1,580

Import 4,391 4,320 4158 440 4,970

Supply 6,001 5,962 5370 570 6,550

Demand 5,499 5,853 5256 550 6,392

S/D balance 502 109 114 20 158

Refined Copper

Unit: kt 2016 2017 Jan.-Oct. 2018 Nov-18 2018

Domestic production 7,648 8,007 6,990 700 8,460

Net import 3,117 2,906 2,874 270 3,260

Supply 10,765 10,913 9,864 970 11,720

Demand 10,310 10,740 9,060 900 11,030

S/D balance 455 173 804 70 690

Raw Material Classification

Unit: kt 2016 2017F Jan.-Oct. 2018 Nov-18 2018

Refined copper 7,648 8,007 6,990 700 8,460

From mine 6,050 6,394 5,798 581 7,018

From scrap 1,598 1,613 1,192 119 1,442

Source: Antaike;

Executive summary

Domestic refined copper production declined in November. In November, maintenances in JCC and Zijin

(Huichun) affected the output of some smelters. It is expected that refined copper output will decrease

slightly month on month. In terms of new smelting capacity, the first batch of cathode copper plates of

Chinalco Southeast Copper Co., Ltd. successfully arrived in Shanghai on November 24, and Chinalco

Southeast Copper Co., Ltd. has 400,000 tons of copper capacity (including smelting and refining). The

project adopts “double flash” process.

Downstream demand was still weak. Imported refined copper decreased significantly. On the contrary,

domestic producers have high enthusiasm for export. Under the tight spot situation in the domestic

market, they have formed strong support for the rise in premiums. This is also the main factor for the

continued expansion of copper premiums in the case of sluggish downstream consumption.


www.antaike.com 3

Price Trend

Copper Price on SHFE&LME (Unit:RMB/t, US$/t)

SHFE 3-M & Cash Month Cu Price (Unit:RMB/t,

US$/t), Contango

In November, copper consumption continued to

be weak. Copper supply continued to be tight. The

destocking of copper was still going on, and there

was some support for copper prices. The dollar’s

gains in November were blocked and the

suppression of copper prices weakened.LME copper

prices generally showed a range volatility pattern.

LME copper opened at US$6,008/ton, with the

highest of US$6,315/ton, and the lowest price of

US$5,974.5/ton, closing at US$6198.5/ton, up

US$199/ton from the end of October, an increase of

3.32% month on month.

Domestic copper prices generally followed the

copper trend on LME in November. The dollar

fluctuated at a high level. The RMB appreciated

slightly. SHFE copper rose less than LME copper.

In November, SHFE copper mostly operated at the

range of 48,500 yuan/ton and 50,500 yuan/ton. As

of the end of November, SHFE copper closed at

49,720 yuan/ton, up 660 yuan/ton from the end of

October, an increase of 1.35% month on month.

From January to November, the average price of

LME for the month and three months was

US$ 6,192/ton and US$ 6,169/ton, down by 9.27%

YoY and down by 10.03% YoY, respectively.

From January to November, the average price of

SHFE for the month and three months was 50,705

yuan/ton and 50,926 yuan/ton, respectively, up by

3.48% YoY and up by 3.96% YoY.

4,000

4,500

5,000

5,500

6,000

6,500

7,000

7,500

30,000

35,000

40,000

45,000

50,000

55,000

60,000

Jan

-16

Ap

r-1

6

Jul-

16

Oct

-16

Jan

-17

Ap

r-1

7

Jul-

17

Oct

-17

Jan

-18

Ap

r-1

8

Jul-

18

Oct

-18

SHFE 3-M Cu-L LME 3-M Cu-R

30,000

35,000

40,000

45,000

50,000

55,000

60,000

SHFE 3-M Cu-L SHFE Cash Cu-L


4

SHFE/LME 3-M Cu Price Arbitrage Ratio

In November, the ratio between SHFE copper

and LME copper was mostly in the range of 8.0 and

8.2, narrower than that in October. After entering

November, imported copper was in a state of large

losses, and the import losses were more than 1,000

yuan/ton. The loss rate increased significantly

compared with that in October, and imported copper

into the domestic market decreased significantly.

Domestic exports began to increase, which formed

strong support for the current copper market.

Copper Inventory in SHFE &LME

In terms of apparent inventory, in November,

LME copper stocks fell slightly. Its inventory

decreased by 16,500 tons to 131,000 tons from the

end of October. During the same period, SHFE

stocks decreased by 16,500 tons to 131,000 tons,

and COMEX stocks decreased by 20,000 tons to

137,000 tons. In general, the inventory of the three

Exchanges in November was significantly reduced

by 38,000 tons from the end of October. The

destocking process still continued. Domestic refined

copper output decreased slightly, and downstream

consumption side continued its weak pattern.

However, in November, imported copper continued

to suffer a large loss, domestic copper inflows

decreased significantly, and domestic exports

gradually increased, prompting a further decline in

domestic copper market inventories.

In terms of inventories of bonded areas, as of the

end of November, total amount of social stock was

434kt in Shanghai, 29 kt more than the end of

October. Total amount of social stock was 31kt in

Guangdong, no change compared with the end of

October.There were 20 kt in Wuxi, 3 kt less than the

the end of October.

6.5

7.0

7.5

8.0

8.5

9.0

SHFE/LEM Price Ratio

0

100

200

300

400

500

600

700

800

kt

LME Stock SHFE Stock


www.antaike.com 5

Copper Demand

Demand indicators

Investment in Chinese Electric Power

Industry

Source: CEC

According to China Electricity Council, from

January to October, national investment in power

source was 191.9 billion yuan, down by 2.9%

compared with the same period of last year.

Investment in power grid was 381.4 billion yuan,

down by 7.6% on a yearly basis. Among the

investment in power source, investment in

hydropower, nuclear power, wind power and other

clean power accounted for 70% of the total, with 1.0

percentage points lower than that in the same period

of last year.

Chinese Real Estate Industry

Chinese Finished Real Estate Investment

Source: NBS

According to the NBS, the total investment in real

estate development in the first ten months of 2018

was 9,932.5 billion yuan, a nominal increase of 9.7

percent year-on-year, with 0.2 percentage points

lower than the first nine months of 2018. Of which,

the investment in residential buildings was 7,037

billion yuan, up by 13.7 percent, with 0.3 percentage

points lower than the first n months of 2018,

accounted for 70.8 percent of real estate

development investment.

-30

-20

-10

0

10

0

200

400

600

Jan.-Feb

.2017

Jan.-M

ar

Jan.-A

pr

Jan.-M

ay

Jan.-Ju

n

Jan.-Ju

l.

Jan.-A

ug.

Jan.-Sep

t.

Jan.-O

ct.

Jan.-N

ov.

Jan.-D

ec.

Jan.-Feb

.2018

Jan.-M

ar.

Jan.-A

pr.

Jan.-M

ay

Jan.-Ju

n

Jan.-Ju

l.

in Power Source (bln RMB)-L

in Power Grid (bln RMB)-L

YoY Growth Rate of the whole Investment-R

-20

0

20

40

Fe

b-1

6

Ap

r-1

6

Ju

n-1

6

Au

g-1

6

Oct-

16

De

c-1

6

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7

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7

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7

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7

Oct-

17

De

c-1

7

Fe

b-1

8

Ap

r-1

8

Ju

n-1

8

Au

g-1

8

Oct-

18

YoY Growth of Floor Space of Commercial houses

Completed

YoY Growth of Sales Area of Commercial Houses

0

2

4

6

8

10

12

Feb

-16

Apr-

16

Jun-1

6

Aug-1

6

Oct

-16

Dec

-16

Feb

-17

Apr-

17

Jun-1

7

Aug-1

7

Oct

-17

Dec

-17

Feb

-18

Apr-

18

Jun-1

8

Aug-1

8

Oct

-18

YoY Growth


6

Govt Economic Data

Manufacturing PMI Readings

Source: NBS, CFLP

The official manufacturing purchasing managers'

index narrowed to 50 in November, the benchmark

separating expansion from contraction, according to

data released by the National Bureau of Statistics.

The manufacturing PMI reading, which forecasts

the economic health of the country's manufacturing

sector, fell for a third straight month. The reading of

50 is the lowest since July 2016 and down from 50.2

in October.

China's producer price index (PPI), which

measures costs for goods at the factory gate, rose 2.7

percent year on year in November.The growth has

narrowed for five consecutive months.

Import&export

According to China Customs, in October, China imported 308,600 tons of refined copper, a decrease of

13.77% from the previous month, a substantial increase of 44.69% over the same period of last year. In

the first ten months, China imported 3.103 million tons of refined copper, an increase of 20.02% over the

same period of last year. Imports continued to suffer large losses, and the month on month growth of

copper imports was expected to continue to fall in November. From January to October, China's imported

copper concentrate increased by 18.83% year-on-year to 16.56 million tons, and the cumulative

year-on-year growth showed a certain decline.

TC/RC

As of the end of November, copper concentrate spot TC reported at US$91-US$95/ton, a slight increase

from the end of last month. This was mainly due to the fact that the inspection time limit for the Gresik

smelter in Indonesia has been extended for one month due resulted by the problems of its oxygen

supplier. The Gresik smelter belongs to PT Smelting, with an annual capacity of 300,000 tons of refined

copper, the latter being the main copper smelter in Indonesia. Gresik's raw material source was basically

from Freeport's Grasberg copper mine, so this accidental overhaul led to a large amount of raw materials

flowing into the domestic market. Domestic loose copper concentrate supply pushed up the processing

fee of copper concentrate.

In addition, Jiangxi Copper Co., Ltd. have agreed 2019 copper treatment and refining charges (TC/RCs)

at US$80.08 a ton and 8.08 cents a pound. The charges agreed between Jiangxi and Antofagasta are

down by US$ 1.45 a ton from the 2018. This is the fourth consecutive year of decline in the long-term

agreement price for copper treatment charges. In 2015, the relevant price reached a high of US$107 per

ton.

48

49

50

51

52

53

54

Jan

-16

Mar

-16

May

-16

Jul-

16

Sep

-16

No

v-16

Jan

-17

Mar

-17

May

-17

Jul-

17

Sep

-17

No

v-17

Jan

-18

Mar

-18

May

-18

Jul-

18

Sep

-18

No

v-18


www.antaike.com 7

In terms of domestic copper concentrates, coefficient of 20% copper concentrates was between 89%-90%

and coefficient of 25% copper concentrates was between 90%-91%.

Copper Scrap Market

The price difference between refined copper and scrap copper tended to narrow, but the narrowing range

was not large. Holders had a higher willingness to sell out, but downstream users were still not optimistic,

and the wait-and-see mood was strong. Coupled with the impact of environmental protection, some scrap

copper recycling plants and downstream enterprises were impacted, and market transactions were

relatively light. In addition, the Ministry of Ecology and Environment still tends to intend to completely

ban the import of scrap metal, and is currently in the stage of soliciting proposals from scrap

copper-related enterprises. At present, the import of scrap copper has changed from 7# scrap to 6# scrap.

The copper content of domestically imported scrap copper has increased by about 20% compared with

last year. As a result, the physical amount of imported scrap copper has dropped sharply this year. In fact,

the metal content of imported scrap copper has not decreased much.

Copper Market Outlook

On the macro level, the persistence of Sino-US trade friction is inevitable, and the uncertainty in the later

period is still strong. The market risk aversion has always existed, and it is difficult for investors to form

a consensus expectation to promote the rise of copper prices. Therefore, the short-term copper price will

rebound due to the trade easing, but the sustainability of the copper price will still be tested in the market.

On the fundamentals, the growth rate of copper industrial products in China has been further slowed

down. In the later period, under the effect of off-season consumption, it is not expected to be much better.


8

Support factor for copper price comes more from the tightening of the supply side and the ongoing

destocking process in copper market.

On the whole, the current macro-level is still major factor leading the trend of copper prices. The

short-term Sino-US trade friction has eased and the dollar's gains have been blocked. The copper price is

supported. In the latter stage, it is still necessary to pay attention to the changes in Sino-US trade and the

US dollar. Fundamentally, the stocks of the three major exchanges continued to decline, and tight supply

still has some support for copper prices. However, in the off-season, copper prices has always been

dragged down by weak demand. It is estimated that the main operating range of LME copper price in

December is US$5,900/ton- US$6,500/ton, and the main operating range of SHFE copper price is 48,000

yuan/ton -52,000 yuan/ton.

News in Brief

Yunnan Copper

Chifeng’s 400ktpa

copper cathode project

is postponed until 2019

Yunnan Copper Chifeng Nonferrous Metals Co., Ltd’s 400ktpa copper

cathode project held opening ceremony in November of 2016. According

to the original plan: the first phase is completed and put into operation at

the end of September 2018, and the second phase is expected to be put into

operation in the second quarter of 2019. At present, the construction period

is later than expected. It is expected that the completion time may be at the

end of November. Due to the cold winter temperature at the end of the

year, the commissioning time of the first phase may be postponed until

March 2019.

MIIT: The operation of

copper industry in the

first three quarters

According to the latest data released by the Ministry of Industry and

Information Technology, the output of major copper products increased

steadily in the first three quarters of 2018. The output of refined copper and

copper semis was 6.61 million tons and 12.49 million tons, up by 11.2%

year-on-year and 12% year-on-year, respectively. The average spot price of

copper was 51,075 yuan/ton, up 7% year-on-year, and the growth rate was

1.6 percentage points lower than that in January-August. The profit

reached 25.18 billion yuan, of which copper mining, copper smelting and

copper rolling processing industry realized profits of 5.28 billion yuan,

9.22 billion yuan, 10.68 billion yuan; unwrought copper and copper semis

imports totaled 3.99 million tons, a year-on-year increase of 16.1%, copper

concentrate imports (physical weight) was 14.49 million tons, a

year-on-year increase of 19.5%.


www.antaike.com 9

China Minmetals and

KGHM sign a 27 billion

copper purchase

contract

At the International Forum on International Cooperation of Central

Enterprises held on November 6, 2018 as part of the First China

International Import Expo (CIIE), China Minmetals sighned a five-year

contract for the procurement of electrolytic copper with KGHM, worth

about RMB27 billion.

According to statistics, China Minmetals' imports from KGHM account

for 40% to 60% of China's total imports from Poland. The sustained, stable

cooperation between the two has greatly bolstered the bilateral economic

and trade relations and supported its sustainability.

Jiama Mine’s copper

production up by 78%

YoY

According to the 2018 THIRD QUARTER RESELT REPORT for

China Gold International Resources Corp. Ltd., in the first nine months,

copper production from the Jiama Mine increased by 78% to 37,313 tonnes

(approximately 82.3 million pounds) from 20,939 tonnes (approximately

46.2 million pounds) for the same period in 2017. Gold produced was

48,112 ounces compared to 29,817 ounces for the same period in 2017.

Tongshankou Mine's

mined-copper output in

October sets a new

record

According to Daye Nonferrous Metals Group Holdings Co. Ltd.,

Tongshankou Mine's mined-copper output in October increased by more

than 90% year-on-year, setting a new record for monthly production, and

achieved good results in the first month of the new ball-milling's official

operation. It also ensured the completion of the annual production task for

the mine.

Kingboard Copper

Foil’s profit up by

4.37% YoY

According to the quarterly financial report of Kingboard Copper Foil

Holdings Limited, in the first three quarters, the company's turnover was

HK$144 million, a decrease of 3.96% year-on-year. Gross profit was

HK$20.389 million, a decrease of 3.21% year-on-year. Profit attributable

to the holders of the company was HK$5,918,000, an increase of 4.37%

over the same period last year.

Kingboard Copper Foil Holdings Limited, with electrolyzed copper foils

as its main product, now has two producing bases in Fogang and Lianzhou

of Guangdong Province, with the annual production of electrolyzed copper

foils of 72,000 tons.

JCCL enters into a new

agreement with Heding

Copper and Fuye Group

Jiangxi Copper Corporation Limited (00358.HK) announced that in

order to meet the needs of the actual production and operation of Heding

Copper, reduce financing costs, and intend to further increase the mutual

financing support between Dingtong and Fuye Group, the Board

announced that Heding Copper, Fuye Group and the counter-guarantee

party entered into a new mutual guarantee agreement on November 16,

2018. The proposed cap will be RMB 1.6 billion; the counter-guarantee

will act as the counter-guarantor of Fuye Group.


10

Jinguan Copper won 6

patents in October

According to Tongling Nonferrous Metals Group Co., Ltd., (TNMG),

Jinguan Copper Co. has obtained six patent authorization certificates

issued by the State Intellectual Property Office. Among them, "the

arrangement structure of the slow cooling zone of the smelting slag" and

"the composite vertical water jacket of the flashing furnace" were granted

the invention patents; "dense phase conveying device", "feeding device",

"Fume gas desulfurization system", and "cleaning rod of the blowing

furnace", were authorized by the utility model patent. So far, the company

has obtained 9 invention patents and 13 utility model patents this year.

Jinguan Copper's

copper index in tailings

in October hit a new low

since its launch

According to Tongling Nonferrous Metals Group Co., Ltd., (TNMG), in

October, the slag tailings of Jinguan Copper Branch contained 0.214%

copper, which once again refreshed the new low of copper content of

tailings since the company started production in 2012.

The company can recover nearly 20,000 tons of copper metal from

smelting slag every year. This year, in order to ensure the improvement of

various mineral technical indicators, Jinguan Copper has adjusted from the

ratio of raw materials to on-site pharmaceuticals and fineness of grinding.

The pass rate of

Tongguan’s products is

up to 99.27%

According to Tongling Nonferrous Metals Group Co., Ltd., (TNMG), in

the first 10 months of this year, the pass rate of Tongguan Electric

Company's products was maintained at 99.27%, and the production and

sales volume also achieved a large increase year-on-year, and the output

value and profit also increased significantly.

Air-conditioning motor

and DC motor both fell

in October

Due to the serious decline in domestic sales of air-conditioning market

(16.26 million units sold in domestic market in October, down 24.8%

year-on-year) and the impact of Sino-US trade friction on new tariff

policies on export products, air conditioner motors and DC motors

declined by 18.8% year-on-year and 20.8% year-on-year, respectively. The

sales were 20.501 million units and 5.34 million units.

Tongguan’s

comprehensive energy

consumption of

enameled wire decreases

According to Tongling Nonferrous Metals Group Co., Ltd., (TNMG),

Tongguan Electric Company’s enameled wire factory has effectively

reduced the production energy consumption by scientifically and rationally

arranging the start time of the equipment. In the first 10 months of this

year, the comprehensive energy consumption of the enameled wire was

0.179 standard coal/ton, which was lower than the company's target. At the

same time, the electricity consumption and the unit consumption of the

paint have also been reduced.


www.antaike.com 11

Statistics

Chinese Copper in Concentrate Output by Regions in 2018

Unit: tonne 2017 Oct 2018 Jan.-Oct 2018 YoY %

Chinese Total 1,656,404 129,646 1,227,469 1.26

Hebei 485 60 406 43.44

Shanxi 46,068 4,002 37,504 -0.86

Inner Mongolia 137,914 9,446 94,450 -8.20

Liaoning 8,569 374 7,725 5.59

Jilin 12,240 1,280 13,505 31.70

Heilongjiang 36,473 2,786 31,800 1.37

Zhejiang 23,572 819 7,855 -53.33

Anhui 166,044 14,174 131,206 5.62

Fujian 60,106 5,060 51,470 4.35

Jiangxi 325,597 24,463 253,904 18.99

Shandong 4,096 317 3,593 -3.87

Henan 19,083 483 4,040 -1.03

Hubei 64,068 6,299 51,808 2.57

Hunan 18,701 2,184 16,213 18.65

Guangdong 13,070 1,351 10,631 10.64

Guangxi 2,707 366 2,826 4.67

Sichuan 57,062 3,446 35,074 -27.17

Yunnan 239,523 15,646 168,191 -4.05

Tibet 56,630 8,633 67,918 58.09

Shaanxi 5,349 288 2,919 -4.71

Gansu 149,889 14,462 122,980 15.33

Qinghai 15,101 2,180 7,235 -35.80

Xinjiang 194,055 11,526 104,217 -29.01

Chinese Refined Copper Output by Regions in 2018

Unit: tonne 2016 2017 Oct 2018 Jan.-Oct 2018 YoY %

Chinese total 8,436,274 8,889,487 735,820 7,393,251 10.58

Tianjin 33,559 19,083 1,559 13,232 -17.85

Hebei 84,536 34,261 425 4,868 -80.13

Shanxi 195,596 192,287 4,839 162,729 2.20

Inner Mongolia 172,878 146,207 27,530 250,734 29.20

Liaoning 107,234 110,319 4,199 93,000 -2.70

Jilin

123,964 10,165.61 111,191.22 3.10

Heilongjiang

280

Shanghai 49,659 34,016 1,225.49 15,547.26 -48.68

Jiangsu 125,669 92,362 107 1,152 34.21

Zhejiang 374,843 375,704 43,140 432,916 46.59


12

Unit: tonne 2016 2017 Oct 2018 Jan.-Oct 2018 YoY %

Anhui 1,293,550 1,279,594 87,103 778,367 11.52

Fujian 329,889 319,050 27,474 280,476 7.77

Jiangxi 1,280,075 1,418,856 111,647 1,072,796 -0.71

Shandong 1,290,004 1,446,145 111,807 1,251,540 9.30

Henan 481,382 398,715 41,018 341,867 23.20

Hubei 435,830 484,742 36,386 424,486 6.00

Hunan 54,456 99,817 12,346 93,944 25.57

Guangdong 96,481 105,544 11,776 113,214 -1.44

Guangxi 451,850 488,990 49,853 443,775 12.18

Chongqing 5,688 6,315 612 5,646 7.69

Sichuan 201 96 15 153 59.38

Guizhou

Yunnan 608,315 650,915 52,030 532,420 14.25

Tibet 7,630 8,380 801 8,353 23.39

Shaanxi 1,404 1,445 1,548.00 97.95

Gansu 875,907 915,352 87,538 858,770 18.40

Qinghai 20,306 21,257

Ningxia

Xinjiang 58,910 115,791 12,223 100,529 10.21

Chinese Copper Semis Output by Regions in 2018


Chinese total 18,616,722 1,387,896 13,912,443 11.23

Beijing 3,582 76 3,209 10.12

Tianjin 188,104 19,722 196,220 0.36

Hebei 85,730 3,239 21,927 -17.60

Shanxi 19,033 1,583 14,973 -8.63

Inner Mongolia 70,474 2,468 20,710 -63.46

Liaoning 188,799 8,979 152,595 3.50

Jilin

Heilongjiang 2,403

Shanghai 290,516 22,064 251,354 7.27

Jiangsu 2,835,537 196,508 1,972,544 3.80

Zhejiang 3,018,687 209,427 2,138,115 7.53

Anhui 2,949,533 209,844 2,028,082 11.05

Fujian 270,719 8,141 86,874 -43.21

Jiangxi 2,994,355 313,082 2,517,244 31.48

Shandong 630,921 46,446 515,846 -0.74

Henan 569,119 35,747 361,072 -17.26

Hubei 397,354 27,134 333,211 -2.68

Hunan 415,705 20,330 153,664 8.67

Guangdong 2,250,891 149,230 1,886,921 3.89


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Guangxi 189,443 2,504 156,075 154.12

Chongqing 198,433 9,907 124,509 -19.19

Sichuan 122,410 8,883 79,248 40.38

Guizhou 3,512 10,412 73,022 1,979.37

Yunnan 222,499 16,889 169,239 -4.41

Shaanxi 28,880 2,875 24,994 13.73

Gansu 368,409 57,673 594,783 114.11

Qinghai 174,725

Ningxia 91,725 955 3,452 -49.43

Xinjiang 35,225 3,779 32,561 12.94

Chinese Imports and Exports of Cu Products in 2018

Commodity(Unit: tonne) Apr-18 May-18 Jun-18 Jul-18 Aug-18 Sep-18 Oct-18 Jan.- Oct. YoY %

Import

Refined Cu 318,137 345,011 310,188 322,390 287,679 357,995 306,429 3,103,077 20.0

Cu ores and conc. 1,550,112 1,588,072 1,756,468 1,845,131 1,661,764 1,929,586 1,569,271 16,558,080 18.8

Cu scraps 184,226 209,697 204,432 210,187 217,520 196,563 170,054 1,945,375 -35.6

Copper blister/anode 68,984 71,160 84,293 69,903 76,336 106,720 63,055 764,738 18.6

Cu alloy 8,554 9,718 7,947 8,877 7,758 7,966 7,203 78,911 47.5

Export

Refined Cu 21,218 16,697 22,139 30,254 18,323 23,279 17,070 229,061 -16.3

Cu scraps 26 15 34 12 14 32 0 138 -51.0

Cu alloy 27 17 13 28 12 15 9 184 -20.6

Note: 1. Figures are provided by China Customs.

2. All Imports/exports of commodity are in physical weight.

Copper Price and Inventories of SHFE and LME

Cu Contract 2015 2016 2017 Oct-18 Nov-18

SHFE (yuan/t)

Cash Month

Average 35,875 45,778 49,361 50,120 49,417

High 36,890 48,110 55,680 51,050 50,290

Low 34,600 44,080 51,060 49,560 48,510

3-Month

Average 35,368 46,675 49,309 50,027 50,926

High 36,700 48,500 55,990 50,970 50,300

Low 34,330 44,520 51,210 49,520 48,450

Cu Stocks (kt) 178 147 150 149 131

LME(US$/t)

3-Month

Average 4,631 4,867 6,190 6,206 6,169

High 4,745 5,675 7,313 6,394 6,305

Low 4,522 5,420 6,525 6,015 5,975

Cash Month Average 4,629 5,666 6,162 6,215 6,192

Cu Stocks (kt) 236 322 202 138 136


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Output of Major Copper-using Products and Investment in Power industry

Product Unit

2016 2017 2018

Annual Annual YoY％ Jan-Oct YoY％

Auto Mln 28.2 29.9 3.2 23.2 -0.4

Power equipment Mln kw 140.7 118.3 -7.3 89.4 -7

AC motor Mln kw 277.6 279.2 10 221.9 7.3

Household refrigerator Mln units 92.4 86.7 13.6 66.9 2.2

Household ice-box Mln units 19.4 17.9 9 13.8 2.1

Air conditioner Mln units 160.5 180.4 26.4 171.8 10.6

Power investment

Power source Bln yuan 342.9 270 -20.8 191.9 -2.9

Power grid Bln yuan 542.6 531.5 -2.2 381.4 -7.6

Total investment Bln yuan 885.5 801.5 -9.3 573.3 -6.1

Sources: NBS; power investment from China Electricity Council and National Energy Administration.

Development and Investment of Chinese Housing Sector

2015 2016 2017 Jan-Oct 2018

Floor Space Started (mln sq.m.) 1,545 1,669 1,787 1,688

Floor Space Completed (mln sq.m.) 1,000 1061 1,015 574

Sales area of Commercial Houses (mln sq.m.) 1,285 1,573 1,694 1,331

Investment Completed (bln yuan) 9,598 10,258 10,980 9,932

Source: NBS

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