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CHINA POWER INTERNATIONAL DEVELOPMENT LIMITED

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China Power International Development : Copper climbs but other metals fall as China power curbs hit demand

09/27/2021 | 12:51am EDT

Sept 27 (Reuters) - Copper prices rose on Monday as exchange inventories in top consumer China dropped to their lowest levels in more than 12 years, but other base metals lost ground as Chinese power restrictions start to take their toll on demand.

Three-month copper on the London Metal Exchange was up 0.2% at $9,349.50 ($10,737) a tonne as of 0725 GMT, while the most-traded October copper contract on the Shanghai Futures Exchange closed up 0.5% on 69,340 yuan a tonne.

ShFE copper inventories <CU-STX-SGH> on Friday fell for the seventh straight week to 44,629 tonnes, their lowest since June 2009.

"Reduced scrap flow continues to propel consumers to buy cathode instead," ING analysts said in a note.

Other metals declined, led by tin and nickel.

Commodity producers and manufacturers have been hit by widening power curbs in China, put in place to keep emissions in check.

ING described these measures as a "double-edged sword," for metals. Curbs on smelting mean reduced supply and are positive for prices, it noted. "However, it is also affecting semi-fabricating and downstream consumers, which is negative for prices."

FUNDAMENTALS

* LME nickel fell as much as 2.9% to $18,820 a tonne, while tin plunged as much as 3.2% to $35,370 a tonne, easing from Friday's record high. ShFE tin opened up more than 3%, setting its own all-time peak, only to tumble 4% late in the session.

*Aluminium closed down 2% on 22,725 yuan a tonne in Shanghai and was down 0.6% at $2,898 a tonne in London. ShFE aluminium inventories <AL-STX-SGH> on Friday rose for the first time in five weeks to 229,847 tonnes, easing supply shortage worries and pressuring prices.

* LME zinc fell 0.5% to $3,112 a tonne. Belgium-based Nyrstar has cut zinc production at its smelter in the Netherlands because of the rise in electricity prices in Europe, the company said in a statement. ($1 = 6.45806 yuan) (Reporting by Mai Nguyen in Hanoi; additional reporting by Tom Daly; Editing by Ramakrishnan M. and Emelia Sithole-Matarise)


© Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
CHINA POWER INTERNATIONAL DEVELOPMENT LIMITED -1.79% 3.83 Delayed Quote.-24.00%
NYRSTAR NV 0.00% 0.231 Real-time Quote.10.00%
S&P GSCI ALUMINUM INDEX -0.85% 182.3753 Real-time Quote.5.09%
UNITED STATES DOLLAR (B) / CHINESE YUAN IN HONG KONG (USD/CNH) 0.20% 6.67031 Delayed Quote.4.79%
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Sales 2022 40 857 M 6 141 M 6 141 M
Net income 2022 2 695 M 405 M 405 M
Net Debt 2022 127 B 19 081 M 19 081 M
P/E ratio 2022 12,8x
Yield 2022 4,08%
Capitalization 35 905 M 5 396 M 5 396 M
EV / Sales 2022 3,99x
EV / Sales 2023 4,13x
Nbr of Employees 10 724
Free-Float 50,4%
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Last Close Price 3,31 CNY
Average target price 4,20 CNY
Spread / Average Target 26,9%
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Ping Gao President & Executive Director
Xi He Chairman
Fang Li Independent Non-Executive Director
Ka Chi Yau Independent Non-Executive Director
Hon Chung Hui Independent Non-Executive Director