_Economy and Finance

CHINA NEWS June 6, 2013, 5:30 a.m. ET China's Jinchuan May Halve Its Copper Supply The Company's Force Majeure Will Likely Push Copper Prices, Premiums Higher By CLEMENTINE WALLOP And YUE LI A major Chinese copper producer has declared force majeure at one of its smelters, in a move that is likely to halve the amount of metal it supplies to customers for the next few months. http://online.wsj.com/article/SB10001424127887324299104578528731246475470.html

May 8, 2013 Metal Detector Update Why are Chinese copper imports falling? Max Layton, Roger Yuan, Jeffrey Currie Lower Chinese copper imports do not equal weak consumption Chinese unwrought copper imports for April fell by 7% mom, and dropped 21% yoy over the same period, implying a 20-25kt mom fall in refined copper imports in April, to c.195-200kt. The mom fall reflects China’s ability to draw on domestic SHFE and Chinese bonded copper stocks accumulated in 2012, as well as lower Chilean exports owing to the port strike in late March/early April. Owing primarily to the large Chinese stock draws, the early indications are that Chinese apparent demand rose significantly in April, following a small pick-up in March (apparent demand equals refined production plus net imports minus estimated stock change). This estimated pick-up in apparent demand is line with strong semi-fabricated output growth in 1Q13 and industry anecdotes of a further pick-up in demand in April.

SG Commodities Review: Copper Robin Bhar 2013.03.20 ■ Copper prices have lost their anchor at $8,000/t. Reasons for the sharp fall include weak physical demand, soaring exchange stocks of copper, disappointing data from China, and lack of Chinese buying after the Lunar New Year holidays concluded in mid-February.

'Dr. Copper' Has Raised Doubts About Recovery Published: Tuesday, 12 Mar 2013 | 1:24 PM ET By: Jeff Cox CNBC.com Senior Writer Both the stock market rally and economic recovery are missing what historically has been a key element - a house call from "Dr. Copper." http://www.cnbc.com/id/100546529

Oil, Copper Are the Short-Term Commodity Plays: Goldman Published: Monday, 11 Mar 2013 | 2:57 PM ET By: Patti Domm CNBC Executive News Editor Goldman Sachs analysts see a robust near-term outlook for commodities, saying they think the selloff in February amid concerns about China's growth was overdone. http://www.cnbc.com/id/100543022

China's copper anxiety and the Glencore-Xstrata delay By Shelley DuBois, writer-reporter March 6, 2013: 12:49 PM ET China needs copper in ways that more mature markets don't. So they are taking their time reviewing the commodities mega-merger. http://management.fortune.cnn.com/2013/03/06/china-copper-glencore-xstrata/

Metals - Chile Chile's copper exports off to a good start in 2013 By Alexandra Demo-Dananberg - Tuesday, February 12, 2013 Chilean copper exports increased 8.52% to US$3.47bn in January, compared to US$3.20bn during the same month in 2012, according to figures compiled by the central bank. http://www.bnamericas.com/news/metals/chiles-copper-exports-off-to-a-good-start-in-2013

Chile Sees 2013 Copper Production Boost Contributing to Global Surplus Friday February 1, 2013, 4:00am PST By Ragnhild Kjetland - Exclusive to Copper Investing News Even as copper producers are halting or delaying large new projects, Chile — the world’s largest source of copper — is expecting record output to push global supply above demand for the first time since 2009, potentially depressing copper prices toward the end of the year. http://copperinvestingnews.com/13768-chile-copper-production-boost-2013-contributing-global-surplus-bhp-anto-price.html

2013 Outlook Commodities Review Copper Robin Bhar Key points ■ At current levels, around $7,600/t, we anticipate limited downside risk as fundamentally the copper market remains tight; there is scope for prices to rise given a belief that the Chinese economy has bottomed and a rebound is expected over the coming months.

Major improvements in copper concentrate supply forecast In the first eight months of 2012, its Y-o-Y imports of refined copper rose 57.7% to 2.39 mt and of concentrate 14.1% to 4.6 mt Kunal Bose / Nov 13, 2012, 00:31 IST India’s two standalone smelters without mine linkages, belonging to Hindalco Industries and Sterlite Industries, have reasons to be happy, with the International Copper Study Group (ICSG) saying the world could see supply surplus of copper concentrate in 2013. That would mark the end of over a decade-long tightness in availability of the mineral for smelting into metal. Principally, on the back of copper mines expansion in Chile and the Oyu Tolgoi copper-gold mine coming on stream, concentrate supply next year, according to ICSG, will see a 6.4 per cent rise.

http://www.mine-engineer.com/ Copper Mining Info

Global Copper Production Under Stress Richard (Rick) Mills Ahead of the Herd As a general rule, the most successful man in life is the man who has the best information Capital inputs account for about half the total costs in mining production - the average for the economy as a whole is 21 per cent. Obviously many of the costs, once incurred, cannot be recovered by sale or transfer of the fixed assets.

**Update On Copper Mining In Chile** Sunday, 11 November, 2012 By: Charles Kubach, Mine-Engineer.Com Copper mining costs are being reported ranging from around $2/pound to a high of $3.20 per pound. As China's economy cools to a 5% growth rate, they require fewer resources, such as steel and copper, so the demand weakens, but if American and European economies ever recover, copper will again rise to the $4 per pound level. The trick is to still be in business when that happens, and keeping mines profitable and costs in line is how a mining company will do that. By utilizing process efficiencies, convincing the government to not tax and fee the industry into oblivion, and keeping mine costs in line with projected income will determine if Chile's copper thrives or moves on to another continent.

http://www.mining.com/ Output up 72.4% at Chile’s Escondida copper mine Cecilia Jamasmie | November 7, 2012 Production at Chile's Escondida, the world's largest copper mine, was up 72.4% in the third quarter compared with the same period of 2011, said the country’s copper commission on Wednesday.

http://seekingalpha.com/article/950061-copper-price-forecast-where-is-this-supply-deficit Copper Price Forecast: Where Is This Supply Deficit? October 25, 2012 | includes: COPX, CU, JJC By Stuart Burns Copper has been characterized for the last couple of years as, at best, a market in balance and about to tip into deficit.

COPPER (Data in thousand metric tons of copper content unless otherwise noted) Domestic Production and Use : U.S. mine production of copper in 2011 increased slightly to about 1.1 million tons and its value rose to about $10 billion. Arizona, Utah, New Mexico, Nevada, and Montana—in descending order of production—accounted for more than 99% of domestic mine production; copper also was recovered in Idaho and Missouri. Twenty-nine mines recovered copper, 18 of which accounted for about 99% of production. Three primary smelters, 3 electrolytic and 3 fire refineries, and 15 electrowinning facilities operated during the year. Refined copper and scrap were consumed by about 30 brass mills, 15 rod mills, and 500 foundries and miscellaneous consumers. Copper and copper alloy products were used in building construction, 45%; electric and electronic products, 23%; transportation equipment, 12%; consumer and general products, 12%; and industrial machinery and equipment, 8%.[1]

http://geology.com/usgs/uses-of-copper/ Facts About Copper Copper Uses, Resources, Supply, Demand and Production Information Republished from a USGS Fact Sheet from June, 2009 Copper - A Metal Used Through The Ages Copper was one of the first metals ever extracted and used by humans, and it has made vital contributions to sustaining and improving society since the dawn of civilization. Copper was first used in coins and ornaments starting about 8000 B.C., and at about 5500 B.C., copper tools helped civilization emerge from the Stone Age. The discovery that copper alloyed with tin produces bronze marked the beginning of the Bronze Age at about 3000 B.C.