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London copper set for weekly loss on China, Evergrande worries

10/01/2021 | 04:04am EDT

Oct 1 (Reuters) - London copper prices rose on Friday but headed for a weekly decline as investors reduced risk exposure amid widespread power restrictions in China and a looming debt crisis at property giant China Evergrande Group.

Three-month copper on the London Metal Exchange rose 0.5% to $8,982.50 a tonne by 0735 GMT, but was set to post a weekly decline of 3.7%.

"We highlight a sharp rise in risks to our metal price forecasts as we continue to monitor the situation in China, especially the two biggest developments being Evergrande's financial issues and the acute power shortage," Fitch Solutions said in a note.

China's power shortage has prompted analysts to cut growth outlook in the world's biggest metals consumer, and its factory activity unexpectedly shrank in September, partially due to the curbs.

"Although the power crisis could have a mixed impact on supply and demand for commodities, the market is giving more weightage to the resulting demand losses from slowing economic growth," said ANZ analysts in a note.

Risk sentiment remained tepid as cash-strapped Evergrande missing some offshore debt obligations sparked concerns its woes could spread through the financial system and reverberate around the world.

LME aluminium rose 0.4% to $2,870.50 a tonne, nickel declined 0.5% to $17,840 a tonne, zinc rose 0.3% to $2,997 a tonne, and tin dropped 1.2% to $33,505 a tonne.

LME lead was almost unchanged at $2,092 a tonne, hovering near its lowest since April 26 hit in the previous session of $2,060 a tonne.

Chinese markets were closed on Friday for a week-long public holiday.

FUNDAMENTALS

* Copper production in Chile, the world's top producer of the metal, dropped 4.6% year-on-year in August amid falling ore grades and labour strikes at key deposits, government statistics agency INE said on Thursday.

* ShFE copper inventories <CU-STX-SGH> on Thursday fell to 43,525 tonnes, the lowest since June 2009, cushioning losses in copper prices.

* For the top stories in metals and other news, click or (Reporting by Mai Nguyen in Hanoi; Editing by Ramakrishnan M.)


© Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
CHINA EVERGRANDE GROUP 8.55% 1.65 Delayed Quote.3.77%
CHINA POWER INTERNATIONAL DEVELOPMENT LIMITED -1.53% 3.86 Delayed Quote.-24.00%
S&P GSCI ALUMINUM INDEX -0.83% 182.4071 Real-time Quote.5.09%
All news about CHINA EVERGRANDE GROUP
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05/13Revenue of 13 Major Chinese Builders Tank 52% in April Despite Easing of Property Curbs
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05/08Evergrande Wins Six-Month Extension on Renminbi Bonds
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05/05China Evergrande Says April Contracted Sales Topped $467 Million
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05/05Running on hope, China markets want action, not more policy pledges
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04/29Evergrande Targets $150.5 Million in Golden Week Holiday Sales
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04/28China Evergrande targets sales of $152 million in Golden Week holiday
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04/27Evergrande Unit Gets Six-Month Extension for $87 Million Interest Payment
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04/27China Evergrande gains six-month extension for Hengda onshore coupon payment
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Analyst Recommendations on CHINA EVERGRANDE GROUP
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Financials
Sales 2021 521 B 66 428 M 66 428 M
Net income 2021 12 727 M 1 621 M 1 621 M
Net Debt 2021 497 B 63 255 M 63 255 M
P/E ratio 2021 1,72x
Yield 2021 3,53%
Capitalization 21 787 M 2 776 M 2 776 M
EV / Sales 2021 0,99x
EV / Sales 2022 0,94x
Nbr of Employees 163 119
Free-Float 29,5%
Chart CHINA EVERGRANDE GROUP
Duration : Period :
China Evergrande Group Technical Analysis Chart | 3333 | KYG2119W1069 | MarketScreener
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus HOLD
Number of Analysts 6
Last Close Price 1,65 HKD
Average target price 1,89 HKD
Spread / Average Target 14,4%
EPS Revisions
Managers and Directors
Hai Jun Xia Vice Chairman & Chief Executive Officer
Shou Ming Shi President
Da Rong Pan Chief Financial Officer & Executive Director
Ka Yan Hui Chairman
Dong Feng Chen Head-Information
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