Codelco’s Copper Output Down 3% YoY in the First 9 Months

Global economy is recovering, and the US liquidity contraction is expected to strengthen. When the US dollar, measured by the constant value, appreciates, the absolute price of copper fell (relative concept); the depreciation of the non-US currency suppressed purchase demand and also suppressed demand. The appreciation of the US dollar improves the production enthusiasm of non-US copper-producing regions. As copper is priced in US dollar, the appreciation of the US dollar will lower the production costs. Most of the copper-producing areas are in South America and Southeast Asia.

This is a news roundup for overseas copper markets last week.

This is copper news roundup for last week.

This is a roundup of China's metals weekly inventory as of July 2.

Copper stocks across Shanghai bonded areas declined 8,000 mt from a week ago to stand at 431,000 mt as of Friday Jan 25

Output of copper cathode came in at 768,000 mt in Nov, up 4.3% month on month and 7.6% year on year

The rates fell 2.17 percentage points month on month to stand at 59.37% in Nov

This kept the total approved this year at 999,700 mt, down some 66.7% from the overall volumes approved last year

SMM Morning Comments

Copper stocks across Shanghai bonded areas increased by 3,200 mt from a week ago to stand at 408,600 mt as of Friday Nov 30