铜日报：联合减产利多有限，铜价弱势格局尚未明显改变

1 / 15  021-58605291  wuxiangfeng@htgwf.com  021-68755929  liwei_yjs@htgwf.com www.htgwf.com 联合减产利多有限，铜价弱势格局尚未明显改变  2 / 15  021-58605291  wuxiangfeng@htgwf.com  021-68755929  liwei_yjs@htgwf.com www.htgwf.com   3 / 15  1 LME3/46104572.537.5-1640.25/3508034740340-10000LME/4621.254585.7535.5-1589.25SMM1#/3521534660555-10895LME/11.2513.25-2-54.75SMM/20-153550/7572.52.52.52015-11-302015-12-1 BLOOMBERG 2 2015-12-12015-11-30LME3181891758660312449601503454-258494 BLOOMBERG 3 2015-12-12015-11-30LME330089130086130773922779320-5398 BLOOMBERG 4 CFTC 2015-11-242015-11-17186199193328-71296452761534299398293908177476-33766-29283-4483 BLOOMBERG 4 / 15 5 LME COPPER2015-11-272443753392513.88%79850700089575250507495018752015-11-302430253287513.53%7875059008932525100749501875-1350-1050-0.35%-1100-1100-2505000 BLOOMBERG 6 SHFE 2015-11-272015-11-20187152199288-12136 BLOOMBERG 7 COMEX 2015-12-12015-11-307293472749185 BLOOMBERG  8 3524035225352253522535200352003520035200351303511535115351153520035200352003520050353535120120120120 BLOOMBERG 35080-35350/555/10/-50/ SMM1210/-50/ 5 / 15  321503205032050/ 300/1#31900-32200/2#33000-33300/SMM  1 2 6.26.46.66.877.27.47.67.88 6.26.46.66.877.27.47.67.88 137/801/  111PMI49.649.820128PMI551.9%0.349.8%0.546.4%1.041.1%3.348.3%0.547.1%0.1 6 / 15 21111PMI48.648.331048.3611PMIPMI1011131155117119 311ISM48.650.51050.120096ISM111052.948.91052.949.21039.035.51151.31047.6 411PMI52.82014411PMI52.952.820142111.30.5116.3%11PMI50.650.89109 510201635208.75%2016205% 7 / 15  9 ICSG 2011 2012 2013 2014 2014 2015 2015 Jan-Aug May Jun Jul Aug World Mine Production 16,056 16,776 18,254 18,514 12,226 12,574 1,624 1,620 1,597 1,589 World Mine Capacity 19,468 19,964 20,787 21,718 14,398 15,098 1,929 1,874 1,947 1,955 Mine Capacity Utilization (% ) 82.5 84.0 87.8 85.2 84.9 83.3 84.2 86.4 82.0 81.3 Primary Refined Production 16,132 16,604 17,255 18,560 12,154 12,295 1,571 1,560 1,559 1,564 Secondary Refined Production 3,468 3,596 3,803 3,916 2,543 2,636 332 333 344 334 World Refined Production (Secondary+Primary) 19,599 20,201 21,059 22,475 14,697 14,931 1,904 1,893 1,903 1,898 World Refinery Capacity 23,950 25,027 26,375 27,288 18,053 18,449 2,355 2,282 2,363 2,368 Refineries Capacity Utilization (% ) 81.8 80.7 79.8 82.4 81.4 80.9 80.9 83.0 80.5 80.2 World Refined Usage 1/ 19,704 20,461 21,387 22,881 15,158 14,862 1,935 1,912 1,906 1,817 World Refined Stocks End of Period 1,205 1,376 1,325 1,342 1,190 1,552 1,514 1,518 1,488 1,552 Period Stock Change 7 171 -52 18 -134 210 -27 4 -30 64 Refined Balance 2/ -105 -260 -328 -406 -461 69 -31 -19 -3 81 Seasonally Adjusted Refined Balance 3/ -433 98 0 20 8 16 Refined Balance Adjusted for Chinese bonded stock change 4/ -166 307 -584 -419 -418 -6 -21 4 -26 -42 ICSG  10 ICSG20158158.92.12%20151-8125.742.85% ICSG20158189.83.65%20151-8149.311.59% ICSG20158181.73.66%20151-8148.621.95% WBMS2015916.111.03% 9119.116.08% 9104.61.06% 9143.5115.83%59.8783.646.43%23.65% 8 / 15 91654.6-12.50% 9120.86.34% WBMS921.555.58% 998.410.35% 8108.162.56% 9135.699.80% 917.3513.98% 93054416.98% 987.71.27% WBMS993.605.26%1-9810.830.82% 201510508.487.76%1-103192.007.93%1-1016187.3114.30% 2015101005.338.56%10630.58.6%10612.454.69%10179.539.69% 201510218.877.10%189.978.10%28.900.90% 20151-1094898.127.2% 20151-10127085.85-13.9% 20151-1070805.062.3% 20151-1061200.64-4.2% 2015103313.013.8%102907.1111.59%101.757810.03%101430.6612.51% 1119LME2523251120COMEX70