Ann: EXTENSION OF DEBT FACILITIES, page-36

Copper US$ 6,285/t vs US$6,205/t yesterday – New York copper hits eight month high (mining.com)

• Copper for delivery in March closed at $6,314/t, an eight month high and up 3% from 2019’s closing level.
• On Monday, the US treasury lifted China’s designation as a ‘currency manipulator’, aimed at easing tensions ahead of the phase-1 trade deal.
• China consumes half of the world’s copper, and the dispute with the US has weighed on the copper market, which is sensitive to broader economic conditions.
• Copper inventories in New York, Shanghai and London have shrunk 37% since July to under 300,000t (Bloomberg).
• Chinese copper imports hit highest since 2016 (Reuters)

• China’s unwrought copper imports rose 9.1% from November to December, reaching their highest level since March 2016.
• Imports stood at 527,000t last month compared to 483,000t in November, and up 22.8% from December last year.