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China Power International Development : Copper falls on uncertainty over China power curb impact

09/29/2021 | 12:34am EDT

Sept 29 (Reuters) - Copper prices fell on Wednesday, as investors reduced risk exposure amid uncertainty in both demand and supply caused by a power curtailment, while sluggish trade ahead of a major holiday in China also weighed on sentiment.

The most-traded November copper contract on the Shanghai Futures Exchange fell 1.1% to 68,500 yuan ($10,593.53) a tonne at 0409 GMT, while three-month copper on the London Metal Exchange declined 0.3% to $9,241 a tonne.

Power restrictions in China have hurt supplies of some metals in recent months, but electricity curbs recently spread to more downstream sectors and dampened manufacturing, hurting the demand for metals.

A stronger dollar also made greenback-priced metals more expensive and less appealing to holders of other currencies.

China is going on a week-long holiday starting Oct. 1, with investors squaring positions ahead of the break to reduce exposure in a volatile market environment.

"Current power curtailment is still the biggest uncertainty. There are only two trading days before the holiday. It is recommended to control the risk," said brokerage Jinrui Futures in a note.

FUNDAMENTALS

* LME aluminium fell 1.2% to $2,909.50 a tonne, nickel declined 0.4% to $18,490 a tonne and tin was down 0.8% to $35,510 a tonne.

* ShFE aluminium rose 0.9% to 22,825 yuan tonne, nickel fell 0.3% to 141,840 yuan a tonne, lead declined 0.8% to 14,385 yuan a tonne while tin rose 1.3% to 273,220 yuan a tonne.

* China's top copper smelters set floor treatment and refining charges for the fourth quarter at $70 per tonne and 7 cents per lb, up 27.3% from the third quarter and up from $58 per tonne and 5.8 cents per lb a year earlier.

* The global zinc market deficit narrowed to 6,600 tonnes in July and January-July surplus was at 11,000 tonnes, down from a 420,000-tonne surplus in the same period last year, International Lead and Zinc Study Group data showed.

* For the top stories in metals and other news, click or

($1 = 6.4662 yuan) (Reporting by Mai Nguyen in Hanoi; Editing by Ramakrishnan M. and Rashmi Aich)


© Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
CHINA POWER INTERNATIONAL DEVELOPMENT LIMITED -1.28% 3.86 Delayed Quote.-24.00%
LB GROUP CO., LTD. -3.45% 18.49 End-of-day quote.-35.33%
S&P GSCI ALUMINUM INDEX -0.73% 182.5978 Real-time Quote.5.09%
UNITED STATES DOLLAR (B) / CHINESE YUAN IN HONG KONG (USD/CNH) 0.24% 6.6731 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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Xi He Chairman
Fang Li Independent Non-Executive Director
Ka Chi Yau Independent Non-Executive Director
Hon Chung Hui Independent Non-Executive Director