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CHINA POWER INTERNATIONAL DEVELOPMENT LIMITED

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China Power International Development : crunch undermines industrial metals

09/27/2021 | 05:54am EDT

LONDON, Sept 27 (Reuters) - Prices of industrial metals came under pressure on Monday as worries about demand in top consumer China, where a power crunch and rationing is shutting factories, triggered selling.

The biggest loser was tin, which last week hit a record high at $36,830 a tonne on the London Metal Exchange, a gain of 75% since January. Prices of the soldering metal were down 4.2% at $35,000 a tonne at 1606 GMT.

"The power issue acts as a double-edged sword, hitting smelter production and leading to reduced supply," said ING analyst Wenyu Yao. "This is positive for metals prices. However, it is also affecting semi-fabricating and downstream consumers, which is negative for prices."

Power usage curbs in China have cut demand for refined tin, as soldering companies and tin chemical producers in parts of the country are operating at reduced capacity, the International Tin Association (ITA) said.

CHINA: Widening power shortages in China have halted production at numerous factories including many supplying Apple and Tesla. Tight coal supplies and toughening emission standards have driven the power shortages across China.

NICKEL: Expectations of output curbs on stainless steel mills in China because of power shortages have undermined sentiment in the nickel market.

Two-thirds of nickel consumption is accounted for by the stainless steel industry, mostly located in China.

Nickel prices fell 2.2% to $18,950 a tonne.

INVENTORIES: Historically low stocks in China are helping to support copper prices.

Stocks in warehouses monitored by the Shanghai Futures Exchange <CU-STX-SGH> fell last week for the seventh straight week to 44,629 tonnes, their lowest since June 2009.

In LME registered warehouses, copper stocks <MCUSTX-TOTAL> at 223,175 tonnes have fallen more than 10% since the start of September, while cancelled warrants -- metal earmarked for delivery -- stand at 44%.

Copper gained 0.4% to $9,370 a tonne.

OTHER METALS: Aluminium ceded 0.9% to 2,888, zinc was down 1.4% at $3,086 a tonne and lead added 0.5% to $2,165 a tonne. (Reporting by Pratima Desai; editing by Editing by Simon Cameron-Moore and David Evans)


© Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
CHINA POWER INTERNATIONAL DEVELOPMENT LIMITED -3.98% 3.62 Delayed Quote.-31.05%
S&P GSCI ALUMINUM INDEX 0.19% 181.9213 Real-time Quote.2.01%
S&P GSCI INDUSTRIAL METALS INDEX 1.30% 512.5093 Real-time Quote.2.67%
TESLA, INC. 7.33% 759.63 Delayed Quote.-28.12%
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Sales 2022 40 857 M 6 099 M 6 099 M
Net income 2022 2 695 M 402 M 402 M
Net Debt 2022 127 B 18 951 M 18 951 M
P/E ratio 2022 11,9x
Yield 2022 4,38%
Capitalization 33 471 M 4 996 M 4 996 M
EV / Sales 2022 3,93x
EV / Sales 2023 4,08x
Nbr of Employees 10 724
Free-Float 50,4%
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Number of Analysts 10
Last Close Price 3,09 CNY
Average target price 4,20 CNY
Spread / Average Target 36,1%
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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