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22, early assessment: Greece full line of recycled copper down worries

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22, early assessment: Greece full line of recycled copper down worries

22, early assessment: Greece full line of recycled copper down worries


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Home Page > Business > Negotiation > 22, early assessment: Greece full line of recycled copper down worries

22, early assessment: Greece full line of recycled copper down worries

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Posted: May 10, 2010 |Comments: 0
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Triggered by the Greek financial market concerns, the London Metal Exchange (LME) copper futures fell 21 lower across the board. LME three-month copper closed at 7,760 index dollar, 20 closed at 7,790 dollars. Early copper hit two months high of 8,010 dollars. Stockpiles, LME copper stocks of 21 275 tons daily to reduce to 507,800 tonnes. Meanwhile, LME copper inventory write-off amount as of 20 warehouse receipts increased to 21,700 tons, 14,375 tons the previous day reported. Currently the number of canceled warrants LME copper stocks accounted for 4% of the total.

    Disk speaking, the short term impact of copper and the major pressure from the macro-economy, the debt crisis of the Greek influence on the market risk sentiment. Therefore, to resolve the problem before in Greece, supported by the copper stocks fell hard to break sharply higher, the trend is expected to continue to maintain the shock.

    Message level, the International Copper Study Group (ICSG) Wednesday (April 21) said the global refined copper market in January excess supply of 120,000 tons in 2009 compared to 160,000 tons of surplus. ICSG estimates, global consumption of copper in January over the same period in 2009, an increase of 11%, or 150,000 tons to 1.477 million tons; the global refined copper output in January to 1.599 million tons.

    Zambia’s central bank Wednesday (April 21), said copper production in Zambia in the first quarter increased to 174,407 tons compared to 170,948 tons in 2009. Zambia’s central bank, according to statistics released by the first quarter to 173,421 tonnes of copper exports in 2009, the export volume of 153,306 tons over the same period. According to University of Zambia, a senior lecturer in mining engineering MathiasMpande expected, if not unexpected, as at the end of 2010, Zambia’s copper production will reach 800,000 tons, or. Zambian copper production in 2009 totaled just under 700,000 tons.

    As for the Chinese market, Standard Chartered Bank said recently that Shanghai Futures (SHFE) copper stocks while still momentum, and the transaction line and the consumer side may still hold a considerable number of unreported stocks (50-100 tons), but Given good prospects for demand, China’s copper stockpiles not trigger a concern. Standard Chartered that, given China’s refined copper demand in 2010 will increase by 16% year on year to 6.85 million tons, a record high, though undeclared stocks may be higher, but the huge inventory in the third quarter is likely to be easily absorbed medium-term. And, recently came from semi-finished products manufacturers, wire and cable manufacturers and the amount of household appliances manufacturer survey, new orders received have gone up more than month. Capacity utilization has improved significantly, especially in household appliances.

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