Copper market report March

Contents
1 Financial overview 1
1.1 Growth rate of CPI fell back in February 1
1.2 PMI continued to increase and concerns on economic eased in March 2
1.3 Economic growth rate decreased to 7.5% for the first time in the past 8 years in 2012 3
1.4 Greece finished bond replacement of EUR177.2b 3
2 International market review 4
2.1 Crude oil prices fell back due to easing situation in the Middle East 4
2.2 US economy recovered slowly and USD to rebound 5
2.3 Large difference occurred in gold market and prices decreased with fluctuations 5
2.4 Copper in LME remains fluctuating, affected by straddle factors 6
3 Chinese domestic market overview 8
3.1 Copper in SHFE keeps oscillation, and spot copper trading has no improvement 8
3.2 Processing fees of imported copper concentrate keep stable 9
4 Monthly production data 10
4.1 Global copper market still sees oversupply 10
4.2 Refined copper output data in China 10
4.2.Asian Metal Copyright3 Large difference occurred in gold market and prices decreased with fluctuations 5 2.Asian Metal Copyright1 Chinese output of refined copper up by 9.5% YOY in February 10
4.2.2 Production of refined copper in March in China regionally 11
5 Imports and exports data 12
5.1 Refined copper import data in China 12
5.2 Copper mine import data in China 13
5.3 Copper scrap import data in China 14
6 Company news 16
6.1 Tongling Nonferrous Metals to repair equipment in March 16
6.2 Jianchang Copper to increase copper production by over 30% MOM in March 16
6.3 Xinke New Materials March to decrease copper rod production by 15% MOM 17
6.4 Jiangrun Copper to increase copper rod production to 30,000t in March 17
6.5 Huaxin Nonferrous Metal ends equipment repair 17
6.6 Dawufeng Copper Product to decrease copper rod output by nearly 20% MOM in March 17
7 Related industry developments 18
7.1 Suppliers of copper scraps reluctant to sell 18
7.2 Copper rod market sluggish in China 18
8 Outlooks for April 18

Chart 1 CPI and PPI in 2011-2012 2
Chart 2 Manufacture industry handlers purchasing index in 2011-2012 in China 3
Chart 3 Crude oil futures trend in March 4
Chart 4 US dollar trend in March 5
Chart 5 International gold price in March 6
Chart 6 Copper in LME in March 7
Chart 7 Copper in LME inventory in March 8
Chart 8 Copper price in Chinese spot market in March 9
Chart 9 Primary smelting fees of copper ore in March (USD/t) 10
Chart 10 Refined copper output in February in China 11
Chart 11 Chinese refined copper output of main origins in Mar 12
Chart 12 Refined copper import volume in China 13
Chart 13 Copper ore import volume in China 14
Chart 14 Copper scrap import volume in China 15

Table1 Top ten Chinese copper ore and concentrate importers in February 2012 15
Table2 Top ten Chinese refined copper importers in February 2012 15
Table3 Top ten Chinese copper scraps importers in February 2012 16

.Asian Metal Copyright1 Global copper market still sees oversupply 10 4Asian Metal Copyright