Copper off-season xianyihouyang fell down the foreshadowing for future

August xianyihouyang, at home and abroad. As a seasonal off-season, no matter is the smelting enterprises, or enterprises processing material orders appear insufficient, combined with Qingdao Piandai events leading to finance copper limited scale, so it seems inevitable.

fundamentals, supply pressure because of the circulation link receiving by hedge most. However, due to spot traders hoard goods and ultimately to circulate, so this part of the supply will eventually bring impact on the market, the off-season prices to rebound may give the future fell down the foreshadowing.

show according to relevant data, global copper growth trend has not changed. Mongolia this year 1-7 month copper concentrate exports increased to 704000 tons, far higher than the same period last year 332000 tons. The Chilean copper miner Antofagasta released data show, the company's two quarter copper production growth over the first quarter of 5.5%, to reach 178800 tons.

growth in these copper producing area and output of the occasion, Free-port's Grasberg copper mine in Indonesia allowed to export. In early August, memorandum of understanding with Freeport and the Indonesian government signed a culvert gate Xu fee payment, export tax and smelting plant construction and so on, the two sides reached restore export agreement. In August 14th, the first batch of 10000 tons of copper concentrate in Indonesia has been sent to Chinese.

from the smelting capacity, as the first half of the copper price downturn copper smelting capacity part production maintenance. However, July China refined copper production has resumed growth. In July China's refined copper production over the same period last year growth of 16.53%, reached 633500 tons, up by 7 percentage points of growth than in June, which is since April refined copper production for fourth consecutive months of growth.

since the beginning of the year, the industry generally is expected in 2014 global copper supply will appear the obvious growth, especially copper growth will accelerate, but in fact, 2014 1-7 month supply instead of phasic tension, especially 4-6 months. The reasons to cause the differences appear supply expectations and the reality is: on the one hand the copper price downturn delayed refined copper production capacity and construction; on the other hand, the circulation of a large number of copper lock.

LME from the market point of view, the copper stock flows out continuously, as of August 22nd, stocks fell to 146000 tons, the lowest since records began in November 3, 2006. This may be due to Chinese demand recovery; but on the other hand is mainly copper inventories recessive. At Goldman Sachs investment bank unwound storage business occasion, Trafigura and Glencore and other large merchandise trade oligarchs took stock financing and trade baton, realize low interest financing income arbitrage. The domestic front, behind the scenes 4-6 months spot supply tight, prices rose sharply have spot traders receiving behavior of copper hoard goods, of course, free trade zone of Qingdao port copper stocks because Piandai events triggered by the credit difficulty factor. In late August prices once again rebound spot City

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