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        Bad macroeconomic pressure metal prices is difficult to rise or will be stable and fine tuning.

        Source:中国钢铁企业网 Number of visits: Date:2012-06-07 11:52

        According to Green said May futures, domestic and international market of nonferrous metal of a fell. Nonferrous metal price the drop directly fuse the Greek general election after the political situation deteriorated, coupled with the French presidential election Hollande was elected means that France may intimidate the EU to change the current debt aid policy, a heavy blow to domestic and international market of nonferrous metal.

        In fact, metal market prices is long-term since countries economic malaise, Chinese demand and other factors play a role in the outcome. Look from the international market, the American economic recovery is weak, it is now the European Economic problems. The new Markit euro May, the Manufacturing Purchasing Managers Index ( PMI ) the initial value is 45%, has more consecutive month reduce. From the Chinese economy is the lack of the development motive force, policy space is limited, the central government into a dilemma.

        Macro economic factor is the root cause of the decrease of metal. In Greece before the elections of 4 early metal market 's decline began. In early April, dominated by copper industrial metal below its previous lasted more than 2 months finishing sideways area. Macroeconomic factors bad influence is reflected not only in the metal, but in other commodities and stock market.

        In the longer time, adverse macro-economic side already affects metal on metal demand, price formation pressure. From this as the world's largest consumer market of China can be seen in metal. Since the beginning of this year, China 's non-ferrous metals demand has not started, the weak performance of the market. This is Chinese nonferrous metal consumption season, downstream of copper processing enterprises generally lack of order, start working rate. At the end of my monthly copper output has reached 1020000 tons ~105 tons of levels, but this year 2~4 month monthly output is 980000 tons, that is to say a few months ago copper average consumption is less than last year the bottom level.

        The basic situation of copper can represent the whole of nonferrous metal industry, metal industry sluggish demand is the common problem faced by. Metal consumption caused by vibration is macroscopical economic recession. Look from home, due to 4 trillion investment in the past 2 years in China the overdraft, current industry can develop a space of severe narrowing, power, household appliances, real estate, high-speed rail, highway and other major copper industry development slowed down or even shrink. Look from exit, the first 4 months of this year China's exports amounted to 593200000000 U.S. dollars, compared with the same period last year increased by only 5.87%, far lower than the past few years an increase of 20%~30% level.

        Nonferrous metals demand is depressed to high inventory. From the London Metal Exchange ( LME ) inventory, since the beginning of the year LME inventory only copper stocks have decreased, but this is mainly because China started in September last year copper imports increased, most of the copper transport to china. LME aluminum stock nearly 5000000 tons, about 100000 tons of lead, nickel inventory inventory 350000 tons are at a historic high, zinc inventory 940000 tons than the beginning of the year increased. Shanghai copper aluminum stock, since the end of last year had substantially growth, though, fall after a rise, but aluminum inventory 323000 tons, copper 157000 tons inventory level is not low; zinc inventory has been in more than 350000 tons of high level. The Shanghai bonded area copper inventory 550000 tons, also at a high level.

        Commodity Futures Trading Commission, the United States of America 's new report, as of May 22nd, the fund in New York copper holding clearance position 10098 hand, indicates that the international market commodity price direction most sensitive fund is optimistic about the future of copper.

        In short, the Greek elections triggered metal prices, but it is more metal demand depressed results, can foreknow is: if the latter macro economic surface not improved, consumption does not see improvement, nonferrous metal will continue to be weak, to substantially increase.

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