Introduction: The main reason for this round of copper price rebound is the globally accommodative environment at the beginning of this year. In addition, expectations of a traditional peak consumption season have also fueled the copper price rally. Since the beginning of this year, global macroeconomic factors have been relatively loose, including the Federal Reserve’s meeting leaning toward... “ Dove ” the statement that the People's Bank of China’s excessive reverse repurchase operations and 2 The reserve requirement ratio cut at the end of the month. 0.5 One basis point, Bank of Japan 1 The unexpected interest-rate cut by the central bank has eased, at least temporarily, the pressure on non-U.S. countries from capital outflows and currency depreciation, giving them a window of opportunity to enjoy temporary monetary easing and thereby alleviating deflationary pressures.

　　2 The copper market as a whole is experiencing volatility, with limited overall gains. 2 The price of lunar copper has risen. 2.9% , domestic increase 0.4% , but 3 At the beginning of the month, copper markets both domestically and internationally surged simultaneously, among which... LME Copper continuous 4 The sky rises, from 4695 U.S. dollar / Ton rises to 4996 U.S. dollar / ton, 4 Cumulative daily increase 301 Dollar. Domestic from 3 Moon 2 Starts today 3 Heavenly by 36010 Yuan / Ton rises to 38660 Yuan / Ton, cumulative increase 2650 Yuan, with considerable short-term gains.

　　The main reason for this round of copper price rebound is the globally accommodative environment at the beginning of this year. In addition, expectations of a traditional peak consumption season have also fueled the copper price rally. Since the beginning of this year, global macroeconomic factors have been relatively loose, including the Federal Reserve’s meeting leaning toward... “ Dove ” the statement that the People's Bank of China’s excessive reverse repurchase operations and 2 The reserve requirement ratio cut at the end of the month. 0.5 One basis point, Bank of Japan 1 The unexpected interest-rate cut by the central bank has eased, at least temporarily, the pressure on non-U.S. countries from capital outflows and currency depreciation, giving them a window of opportunity to enjoy temporary monetary easing and thereby alleviating deflationary pressures.

　　From a technical perspective, LME The resistance range for copper prices is at 5200 U.S. dollar ~5400 U.S. dollar / Around the ton mark, the domestic resistance range is... 40000 Yuan ~41,000 Yuan / Around the ton mark. In the short term, the rebound in copper prices may continue; we recommend taking light positions and going long on dips.

　　Copper concentrate supply

　　From the perspective of copper concentrate production, major mining companies stated at the beginning of this year that, 2016 Global copper concentrate production is still expected to increase, which will put downward pressure on metal prices over a longer time horizon.

　　2015 Year 12 At the beginning of the month, Minmetals Resources announced that its subsidiary located in Peru... Las Bambas The trial production of the copper mine project continues to proceed according to plan, and it is expected... 2016 In the first quarter of the year, we will produce refined ore and ship it to customers. 2016 Year 1 Moon 18 On the day, Minmetals Resources stated that the company had already from... Las Bambas The first shipment of copper concentrate from the copper mine to China has been sent, with a total volume of... 1 Ten thousand tons. In addition, Peru's... Cerro Verde II Copper mining project 2016 The mine is also set to begin production this year, and market participants are concerned that, with the commissioning of these two major mines, 2016 As a result, copper supply in the market will continue to increase, and the Peruvian government had previously also anticipated this. 2016 Peru's copper production will jump significantly this year. 66% Minmetals Resources stated that, 2016 Year Las Bambas Copper concentrate containing copper is expected to be produced. 25 Ten thousand to 30 Ten thousand tons, estimated 2016 Annual copper production 41.5 Ten thousand to 47.7 Ten thousand tons.

　　Rio Tinto Group recently stated that it expects the company to... 2016 Annual copper production from mines is 57.5 Ten thousand ~62.5 Ten thousand tons. 2015 Annual copper production from mines is 50.44 Ten thousand tons, compared to 2014 A significant decline at the annual level 16%。

　　Chilean mining company Antofagasta ( Antofagasta Recently stated that copper production will increase this year as new mines accelerate production. 2015 This year, the company's copper production fell short of its target. Antofagasta At 2015 The annual copper production is 63.03 Ten thousand tons, reduced 10.6% and lower than 63.5 a target of 10,000 tons. The company expects this year’s copper production to be... 71 Ten thousand ~74 Ten thousand tons. To... 2016 Mid-year Antucoya The copper mine's production capacity is expected to reach annually... 8.5 Ten thousand tons.

　　First Quantum Minerals expects that, 2015 Copper production for the fiscal year ranges between