China Demand Outlook Remains Positive as IP Growth Lifts

摘要

AME forecasts Chinese refined copper demand growth of 3.9% to 12.13Mt in 2017, easing to a still healthy 3.6%in 2018. The National Bureau of Statistics estimates year-on-year industrial production growth was 6.6% inSeptember, up from 6.0% in August. The manufacturing sector recorded year-on-year growth in September of8.1%, up from 6.9% in August. China’s manufacturing PMI eased to 51.6 in September from 52.4 in September.The index has remained above the 50 mark that separates an expansion in activity from a contraction for 15consecutive months. Fixed asset investment growth continues to moderate. It expanded 7.5% year on year duringJanuary to September. The cumulative year-on-year growth figure has been steadily declining since a peak of9.2% for January–March 2017. Chinese output of copper semi-fabricated products totalled 1.81Mt in September,up 0.4% month on month. For the first nine months of 2017, copper products output was up 5.0% year on year to15.43Mt.