Up to now, the semi annual output reports of large-scale miners, including Chile's national copper industry, have basically been released. In general, in the first half of 2020, the output of most large-scale copper mining enterprises has declined year-on-year.

    In the first half of the year, BHP Billiton, Chile national copper, Freeport, Glencore and Southern Copper ranked the top in copper production (operation caliber). Among the 13 miners surveyed by SMM, only 4 had a year-on-year increase in copper production, namely, Chile national copper (5%), Southern Copper (2%), * * quantum (19%) and Lundin mining (9%), among which the quantum increment of * * was mainly from Cobre The Panama Project is put into operation, and the increment of Lundin mining mainly comes from the consolidated statement of the acquired chapata copper mine.

    However, the copper output of Glencore (- 11%), Minmetals (- 22%) and Tektronix (- 12%) decreased significantly. It is found that all the mining enterprises with obvious reduction have copper mine assets in Peru, and the output of this part decreased significantly in the first half of the year due to the impact of the epidemic. Among them, the output of Antamina copper mine in the first half year decreased by 31.9%, that of antappay copper mine decreased by 19.3%, and that of Las bambas copper mine decreased by 29.2%, making the overall output of these three mining enterprises decline. In addition, Glencore's reduction in the first half of the year is also affected by the shutdown and repair of mutanda copper mine for two years.

    From the output change of miners in the second quarter, compared with the first quarter, the impact of the epidemic on overseas miners was more concentrated in the second quarter. Among the 13 enterprises counted by SMM, the copper output of 8 enterprises declined month on month. Among them, Chile's national copper (- 7.8%), Antofagasta (- 8.4%), * * quantum (- 13.3%), Vale (- 10.6%), Minmetals (- 16.2%) and Tektronix (- 16.4%) declined significantly.

    In the first half of 2020, the supply and demand of copper market have been greatly affected. In January, the copper price continued its performance in December last year, showing a high level of shock; then, due to the rapid spread of the epidemic in China, China adopted strict control measures, and the production and operation of enterprises were greatly affected. In February, copper prices jumped short and opened low, and fluctuated at a low level; In March, the domestic epidemic situation was gradually controlled, and the pace of enterprises to resume production and work was accelerated. However, the overseas epidemic started to break out, and the crude oil plummeted, and the copper price fell to the bottom in the first quarter. Since April, the copper price has started the road of bottoming up, mainly due to the loose macro level and continuous supply side disturbance.

    In the near future, due to the weakening of fundamentals on a month on month basis and no significant positive news on the macro level, copper prices remained high.

    From the stock price trend of the listed companies of large copper mining enterprises in recent half a year, since the outbreak of overseas epidemic in the middle and late March, the stock prices of almost all listed companies of overseas mining enterprises have declined. However, with the introduction of a number of stimulus policies to save the market and gradually control the epidemic situation, the stock prices of listed companies of major mining enterprises began to rebound to varying degrees, some of which have recovered or even exceeded Over the level before the outbreak.

    From the perspective of different countries, Peru, a big copper producer, has a greater impact on copper production in the first half of 2020, while Chile and Zambia both have a year-on-year increase in copper production.

    According to data released on Friday by Chile's Government Statistics Agency ine, copper production in Chile has declined in June since the outbreak. In June, Chile's copper production fell 0.6% year-on-year to 472172 tons. Despite the interference of the epidemic situation, the output of Chile's national copper industry, a global leading copper enterprise, did not drop but increased in the first half of the year. In the first half of the year, the company's copper output increased by 4.7% to 744000 tons.

    According to new data released by the Ministry of mining and resources of Zambia, the country's copper output in the first half of this year increased by about 6% year-on-year. The data show that the country's copper output in the first half of this year was 420000 tons, higher than 397000 tons in the same period of last year.

    In the first half of 2020, Peru's production of copper, gold, zinc, silver, lead, iron and tin decreased compared with the same period last year. Among them, the copper output in the first half of the year dropped by 20.4%; the gold output in the first half of the year decreased by 34.7%; and the zinc output decreased by 23.7%.

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