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China will reduce output of copper at a greater volume

China will reduce output of copper at a greater volume

The volume of copper, which are leading Chinese manufacturers need to reduce production, was agreed earlier. However, many companies will cut production by a greater percentage. Among these companies, Jiangxi Copper Company Ltd. and Tongling Nonferrous Metals Group. Additional volumes, which will decrease the production of copperwill exceed 0,35 million tons. This information was provided by representatives ChinaPRO.ru. Earlier published information according to which this amount should have been $ 0.2 million tons. If you translate this number into a percentage, that reduction was planned at the level of 5%. While the annual production of 2015 amounted to 4.4−4.5 million tons.

Also ChinaPRO.ru reported on the meeting of representatives of leading manufacturers of copper in the PRC. At the end of December, the company discussed to slow further reduction in the cost of copper. One of the decisions was the accumulation of metal in the vaults. Prior to this, published data on decrease of profit of the enterprises in the sector of ferrous metallurgy. It decreased by 4.2% over 8 months. In annual terms amounted to 101.6 billion yuan. Also 8месячный period was estimated to develop in the factories of China 10 base metals. Volume reached 33.87 million tons. Yoy level increased by 9.4%. In January-August output of copper reached 5.07 million tons. This figure exceeds last year’s result by 8.2%.

In late December, the price of copper reached 7недельного high. This figure became possible on the background of the fixed profit traders on the eve of holidays. The cost of the metal on Comex rose 0.5 percent to 2,1465 USD/lb. With 13.11.2015 it was the highest rate. Dan Pavilonis, an analyst at RJO Futures, I am confident in changing the balance of the portfolio of assets. He said investors covered short positions. The price of copper has lost ¼ of prices, given the oversupply on the market and low demand from China. In the morning 31.12.2015 the price of copper in Asian trading increased slightly. The reason became inactive trading. February agreement on deliveries of metal on the ShFE increased in price to 120 yuan. The final cost relative to the price when the session is increased to 36650 yuan/ton. Shanghai analysts believe the price increase in January 2016. In late December, also increased the cost of zinc and Nickel, but tin fell to 14540 USD/ton.

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