库存高企 铜企寄希望来年

High inventory Copper enterprises hope in the coming year

　　一些铜杆生产企业相关负责人透露，得益于电网项目建设，企业三、四季度的订单量有所增加。作为铜下游消费的主要市场，家电、汽车行业目前的销售状况也都有所回暖，这一势头明年很可能将延续。

Some of the relevant person in charge of the copper rod production enterprise,Benefit from the power grid construction project,Enterprise three/Order quantity has increased in the fourth quarter.As copper downstream consumption of the main market,Home appliance/Condition of sales of the automobile industry at present are somewhat warmer,The momentum next year is likely to continue.

　　目前下游线缆企业开工情况明显好于铜材企业，主要是前期国家电网以及基建投资招标采购带动了部分大企业订单量增加。但订单增长仅是局部状况，整个线缆市场依旧处于低迷态势中，多数企业寄希望于明年。

The downstream enterprises construction situation was significantly better than copper wire,Mainly is the early state grid and infrastructure investment drive for bidding of large enterprises increase orders.But growth is only a partial order status,The whole cable market is still in recession situation,Most businesses hope that next year.

　　但这部分消费增加幅度并不算太大，其带来的利多影响，将会被巨大的去库存压力所抵消。高企的保税区及企业库存是铜市供需不平衡的根源所在。

But this part of the consumption increase rate is not too big,The effects of the many,Will be great to offset by inventory pressure.High bonded area and the enterprise inventory is copper, the source of the imbalance of supply and demand.

　　中国11月铜进口回升 出口创5个月高位

China's copper imports in November High export and 5 months

　　海关总署数据显示，中国11月精炼铜进口量为250,666吨，较10月的230,695吨增长8.7%。中国11月铜出口量为20,975吨，为连续第三个月增长，且为6月以来最高位水平。

The customs figures show,China November refined imports for 250,666 tons of,The October 230,695 tons of 8.7% growth.China's copper exports to 20 in November,975 tons of,For the third consecutive month,And for the top level since June.

　　中国铜出口增加推动了伦敦金属交易所（LME）库存的增长。由于原材料供应充足，中国国内铜产量攀升至纪录高位水平。库存增加或将给铜价带来阻力，继2011年铜价下跌21%之后，今年迄今铜价上涨了3%。

China's copper export increase promotes the London metal exchange(LME)The growth of the stock.Due to the ample supply of raw materials,China's domestic copper production climbed to a record high level.Inventory increase or will bring copper resistance,After copper prices fell by 21% in 2011,Copper prices have risen by 3% in the year to date.

　　国家统计局本月稍早公布的数据显示，中国11月铜产量增至纪录新高，同比增长12%至53.1万吨。这或许因为市场预测随着经济复苏，铜需求将出现攀升。

The national bureau of statistics data released earlier this month,China's copper production in November to record highs,Increased 12% year-on-year to 531000 tons.This may because market forecast with the economic recovery,Copper demand will appear.

　　惠誉：到2014年全球铜需求增长将超过供应

Fitch ratings:To global copper demand growth in 2014 will be more than supply

　　国际评级机构惠誉(Fitch)周五表示，随着全球铜供应每年以3%的速度增加，预计到2014年全球铜需求每年将增长约4%。

International rating agencies fitch ratings(Fitch)Said Friday,As the world's copper supply increase at the rate of 3% a year,Predicts 2014 global copper demand will increase about 4% a year.

　　惠誉指出，2013年铜市将会“相当平衡”，2014年铜的供应量将更为乐观，届时铜价将“远远高于”预期的每磅2.15美元的边际成本。

Fitch pointed out that,2013 copper city will be"A balance",In 2014 the supply of copper will be more optimistic,The copper price will"Far more than"The expected the marginal cost of $2.15 per pound.