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Production in China affects the cost of copper

It provided data on industrial production in China, a major impact on the value of copper on the London Stock Exchange. Previously it was assumed in July the growth of Chinese industry was 9.2%, but the actual level reached only 9%. Accordingly, the cost of red metal fell to a 6-week low. Have fallen in price and 3hmesyachnye futures — their value decreased by 0.6% to reach 6.925 thousand USD per ton on the London Metal Exchange and to the level of 6.917 thousand USD to Comex… With this reduced amount of other non-ferrous metals, in particular zinc price fell by 0.7% to reach 2,246 thousand. USD.

The July volume of imported products in China copper — alloys, semi-finished products, anodes and cathodes — provided by General Administration of Customs data fell by 2.9%, which is 340 thousand tons. This figure is the lowest since April last year. However, in general, for the six month period, the number of imported copper products increased by 18.7% and amounted to 2.86 million. Tons. As suggested traders, metal price difference on ShFE and LME has become a major factor in the increase in the volume of purchases of the leading importers of the end of June and beginning of July. However, some large companies have formed enough problems with the import of goods because of problems with the provision of loans.

In mid-August «Aneka Tambang» and «Freeport Indonesia» Indonesian companies provided information on the planned joint activities regarding the implementation of a very significant metallurgical project. Its estimated annual industrial capacity is about 400 thousand tons of copper cathodes in slabs. In 2014, the project will be carried out preparatory work for the construction site and the construction plant expected to start in February next year. As for the final location of the plant, a special commission is still considering options. Presumably the construction will be carried out either in the Papua region, either in Gresik. Investment in the project will amount to about 2.3 billion. USD, the resulting products will be shipped to South-East Asia, which will lead among China and Japan.

In general, for the six-month period on the copper market saw a deficit in the amount of 296 thous. Tons, while refined copper production increased by 2.7% and amounted to 10.8 mln. Tons, the same level of consumption was 11,056,000. Tons.

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