09.4.21.

South China(Foshan) April 21 RMB/T,1ton≈2204.62lbs
-2800 copper cathode(domestic standard) 38100-38300
-2800 oxygen free rod 8mm
-2800 low-oxygen copper rod 8mm
-2800 copper wire (1.13-2.52mm)
-2800 copper wire2.6mm
-2800 H65copper strap(0.3-0.8mm,y2)
-2700 H62copper strap(0.18-0.25mm.y.y2)
-2800 rod brass(14mm-120mm)
-2800 clean copper clippings
-2800 high grade phosphor copper clippings
-2800 tinned phosphor-copper clippings
-2000 tinned brass clippings
-2000 65 brass clippings（clean）
-2000 62 brass clippings（clean）
-2000 Al/Cu radiator (Cu≈45% Al≈53%)
-1800 irony al/cu radiator
Aluminum
Domestic Al ingot (delivered to local places) ﹡ Zinc,Lead, Tin
103000-105000 +1000
electrolytical 0#zn (Guangxi, Yunnan) 12250-12450 Copy right 2006. All right reserved. No part of this publication may be reproduced or transmitted by any means without written permission of the publisher.
Stainless steel
121500-123500 -11000 304/2B Rolling sheet0.4mm(Zhangpu) 20000-20100
304/2B Rolling sheet0.5mm(Zhangpu) 18600-18700 430/2B Rolling sheet 0.4mm(Baoxin) 12100-12200 remelt stainless steel scrap Ni≈7.0-7.2% 9550-9750 FoShan Ferrous
stainless clippings (thickness≥4mm) 2130-2180 South China (Qingyuan)
-2800 clean tinned copper wire
-2700 clean tinned copper net
-2600 tinned copper scrap (90-91%)
-2700 lead-coated copper wire
-2500 motor iron
Plastics
High-pressure & high-temperature PE husk(middle) Clean white PVC plastic husk(pigment) 4000-4100 High-pressure fragmentized PE(humidity:27 East China (ShangHai,)
-3100 1# nickel plates ﹡
121500-123500 -11000
-3100 316 stainless clips
-2700 304ss 18/8 sabot
-2800 304/2B Rolling sheet0.4mm(Baoxin) ﹡20000-20100
-2800 304/2B Rolling sheet0.5mm(Baoxin) ﹡18600-18700
-2000 304No.1 Hot Rolled sheet3mm﹡
Copy right 2006. All right reserved. No part of this publication may be reproduced or transmitted by any means without written permission of the publisher.
NingBo,TaiZhou,YongKang
-2800 2#copper (94-95%)
-2800 motor copper(92-93%)
-2800 USA honey (Fe﹤3%)
-2800 tense (Fe﹤3%)
North China (TianJin, BaoDing)
-2900 2#copper(94-96%)
-3000 motor copper(92-93%)
-3000 Al/ Cu radiator(Cu≈45% Al≈53%)
-2900 tense (Fe﹤3%)
Rare Metals
327000-330000 -5000 electrolytic manganese *
CIF China
Copper, Zinc Drop 5% Limit in Shanghai as Economic Outlook Dims
Copper and zinc futures plunged by the exchange-imposed daily limit in Shanghai, tracking overnight losses in London, as the economic outlook in the U.S. dimmed on investors’ concerns that U.S. stocks tumbled, led by the biggest drop in financial shares in three months. Bank of America Corp., which has lost more than three-quarters of its market value in the past year, said yesterday rising charge-offs for bad loans overshadowed the lender’s better-than-estimated earnings. The regional benchmark MSCI Asia Pacific Index plunged 2.8 percent by 10:47 a.m. Singapore time, heading for its first decline in three days. “We’ve gone up too fast for too long and this is a long- awaited correction,” Duan Shihua, an analyst at Nanhua Futures Co., said today. “It’s time for investors to take some of their money off Copper for July delivery on the Shanghai Futures Exchange tumbled 1,970 yuan, or 5 percent from the previous settlement price, to 37,370 yuan ($5,468) a metric ton. July-delivery zinc in Shanghai dropped 680 yuan to 12,860 yuan a ton. Copper for three-month delivery on the London Metal Exchange lost 3.6 percent to $4,425 a ton, the lowest since April 9, at 10:54 a.m. Singapore time. The metal dropped as much as 5 percent yesterday, the heaviest intraday loss since Feb. 27. Equities declined after the New York-based Conference Board’s index of leading U.S. economic indicators fell more than forecast in March, signaling what may be the longest postwar recession will extend into the second half. Until yesterday, copper in London had gained 14 percent in April while the Standard & Poor’s 500 Index had climbed 4.3 percent. Metals Equities
The slump in prices also triggered losses in related equities. The MCSI World/Materials Index, a measure of mining and chemical companies, dropped for a second day to the lowest in more than a Tongling Nonferrous Metals Group Co., China’s biggest copper smelter, tumbled as much as 7 percent today, the most since April 3. Jiangxi Copper Co., China’s largest copper producer by output, dropped as much as 4.8 percent in China and as much as 5.8 percent in Hong Kong. Among other LME-traded metals, aluminum fell 0.4 percent to $1,435 a ton, zinc slid 3.3 percent to $1,436.50 and lead lost 2.4 percent to $1,419 as of 10:56 a.m. Singapore time. Nickel dropped 3.9 percent to $11,600 and tin declined 1.2 percent to $11,900. Review: Local stainless steel scraps market performance when nickel
price at highs
Recently, nickel price kept surging up as many investors chased the highs actively. On the back of climbing nickel, stainless steel scraps prices along Pearl River Delta were also constantly on the rise. This cheerful uptrend injected immediately a renewed confidence in most stainless steel scraps traders. From some local market participants, most buyers were quite active in chasing recent highs, but the holders were reluctant to do sales at present prices on the concern about supply shortages. According to current trading, the first-level imported 304 series stainless steel scraps have jumped to a level of 12,000 yuan/ton. Domestic first-level series stainless steel clippings have also risen to a level of 11,200 yuan/ton. And the price of clean shredded steel has already stood at a level of 11,200 yuan/ton. “Stainless steel scraps market will soon advance on brisk buying and rising prices.”, some local traders predicted. However, according to some buyers from steel mills, present products inventories in most steel mills are still in a relatively high level. If market consumption still remained lackluster, they would choose to cut the purchasing volume to reduce risks. In other words, the poor sales are still the main obstacle hindering the market moving further. Let’s also review local stainless steel market performance when nickel price was at the highs. Pushed by rising nickel, stainless steel prices in Foshan (Guangdong) and Wuxi (Jiangsu) run up sharply. 304 series stainless steel sheet, for example, jumped about 2,000 yuan/ton in this round of rise. At present, the market still remains in the short supplies. Some holders are unwilling to sell the goods as they believe the price may continue the uptrend in the short term. But some downstream stainless steel processors said they would stand still and wait patiently for the reasonable prices. Comments on recent local Al/Cu radiator market
Aluminum price at home dropped more than 1,000 yuan/ton within just three days last week, and the price of aluminum from radiator also fell 1,000 yuan/ton in the same week. The unexpected sharp falls in aluminum left great losses in many local disassembly factories. To reduce losses, most of these factories decided to put aside their aluminum from radiator temporarily. It is known that as of these factories decided to put aside their aluminum from radiator temporarily. It is known that as recently local clean Al/Cu radiator market is in extremely short supply, some disassembly factories choose to buy some densely packed Al/Cu radiator to keep regular operation. This densely packed Al/Cu radiator will cost more time to disassemble. From some insiders, most local clean Al/Cu radiator is imported from America, so the intakes of aluminum will be higher than that of copper (copper≈45%, aluminum≈53%). Faced with the unexpected declines in aluminum, these local disassembly factories have no choice but to hoard aluminum from radiator temporarily. Moreover, the price of aluminum from radiator also suffers the weights from lackluster sales in alloy factories. With the plummeting aluminum, lots of local alloy factories have seen heavy losses. To cut losses, they have to cut the orders for aluminum from radiator. China's Yunnan Copper says Q1 output down 34 pct
Yunnan Copper Co Ltd, China's third-largest copper producer, said on Tuesday its production in the first quarter fell 34 percent from a year earlier due to the global financial crisis. The company did not provide specific output data for the first quarter as well as the same period last year. Yunnan Copper has an annual refining capacity of about 500,000 tonnes and aims to expand to more than 600,000 tonnes this year. The company also said it expects to suffer a loss of about 260.63 million yuan ($38.14 million) in the first quarter. China Q1 sees steady growth of lead, nickel output but tight zinc
concentrate supply
China's lead and nickel output posted steady year-on-year growth in the first quarter on strong demand from auto and steel industries while its zinc output slid in the period. Official statistics showed that the country's nickel and lead output rose 37.1 percent and 23.9 percent year on year in the first quarter while its zinc output slip 3.1 percent to 851,000 tons in the same period despite an 8.2 percent growth in March. Zinc's major demand comes from cell production (80 percent of world lead demand from battery), especially storage battery used in Recently, the auto sales in China, India, Brazil, Germany and France have rebounded strongly. U.S., British, and South Korea also plan to roll out stimulus policy for purchasing autos. Once these policies are carried out, world auto sales are promising to go up further, which means lead demand China's zinc output in March grew 30.1 percent from February, but only up 8.2 percent over the same period last year. Its output in the first quarter even slipped 3.1 percent year on year. March saw lead concentrate output reach 107,600 tons, up 19.2 percent year on year. Its output in the first quarter totaled 224,500 tons, up 7.1 percent over a year earlier. However, zinc concentrate output stood at 217,800 tons in March, down 5.4 percent year on year. Its output in the first quarter dropped 15.6 percent on faltering market demand, indicating that the domestic zinc concentrate supply becomes tight. Insiders with China's zinc refining giant Zhuzhou Smelter Group Co. disclosed that the domestic zinc concentrate supply failed to recover despite rising price of zinc this year, and the tight supply pressure hadn't been relieved since December last year. Since January 2009, the country's monthly nickel output has maintained at 16,000-18,000 tons, far higher than that for the fourth quarter last year. Analysts hold that the domestic steel industry had not much idle capacity in the first quarter, providing a sound market environment for its upstream nickel. What's more, the domestic stainless steel enterprises' output has climbed by four months running, reflecting their growing demand for nickel. Some insiders note that apart from increase in output, the net nickel import also expanded significantly in the same period, showing the nickel demand is increasing or its stocks returning to normal level. They predict that nickel price will top the peak in January and even go beyond market Jinchuan Group raises their ex-factory price of nickel to 128,000 CNY/t
Jinchuan Group Limited (JNMC), which is the largest nickel producer in China, announced to raise their ex-factory price of nickel to 128,000 CNY/t from 119,000 CNY/t on April 20, 2009.
Trading price of Jinchuan nickel in Shanghai is 135,000-136,000 CNY/t on Monday. China cable makers turn to scrap as refined copper prices rise
A wide price gap has prompted Chinese cable and wire producers to replace refined copper with copper scrap to lower production costs, the Wire & Cable Industries Association of Shanghai, or CSA, said. "Due to a recent rebound in Chinese domestic refined copper prices widening the price gap between refined copper and copper scrap, many Chinese wire and cable producers are using more copper scrap in processing," a CSA official said. The price difference between Chinese domestic refined and scrap copper stood at Yuan 3,400/mt ($497/mt) last Friday, compared with Yuan 2,775/mt in March. "As long as the price gap is Yuan 3,000/mt or above, producers would prefer to use copper scrap for cable and wire production to lower costs," a commodities analyst with Beijing-based Galaxy Securities said. Chinese cable and wire producers can use either scrap or refined copper, but need scrap to be more than Yuan 3,000 mt cheaper than refined before the extra processing involved becomes economical, state-owned nonferrous metals information provider Beijing Antaike Development said. In addition, domestic scrap supply usually falls short of demand, resulting in the widespread use of more expensive refined copper, CSA and other industry sources in China said. The Antaike source said: "Chinese domestic copper scrap supplies cannot meet local needs, so producers have to However, the global economic slowdown had made dismantling to extract copper scrap uneconomical in many countries, trimming global copper scrap supplies. Customs figures show China imported 330,000 mt copper scrap in March, up from 218,344 mt in February and 180,000 mt in January. However, this is far below the 465,000 mt/month the country imported on average in Chinese domestic refined copper prices stood at Yuan 43,900/mt ($6,420) Friday, much higher than Yuan 36,150-36,400/mt in early April. In January, prices were even lower at Yuan 28,000/mt. In contrast, Chinese domestic bare bright copper scrap prices stood at Yuan 40,500/mt ($5,922) Friday, Antaike said Chinese domestic copper scrap suppliers had recently begun releasing more stock to local markets as the recent rebound in refined copper prices boosted scrap values. However, the wide price gap between refined and scrap copper may not last. Copper scrap supplies in China's Yangtze River and Pearl River Delta regions, major Chinese copper scrap collection centers, are currently very tight, which could pressure scrap prices to close the Yuan 3,000/mt gap producers seek before chosing it over refined copper, according to Beijing-based China National Resources Recycling Association. Mar World Aluminum Output 2.021M Tons,+167,000Tons
Total world aluminum output in March rose by 167,000 metric tons to 2.021 million tons from 1.854 million tons in February, figures released Monday by the International Aluminum Institute show. March's figure was down 153,000 tons from the March 2008 production of 2.174 million The IAI details production as follows, in thousands of tons: Africa 139 123 143 North America 415 386 500 Latin America 218 196 223 Asia 372 332 323 West Europe 331 318 395 E/Central Europe 360 330 394 Oceania 186 169 196 Total 2,021 1,854 2,174 NOTE: The data included in this IAI Statistical Report have been derived exclusively from returns by the primary aluminum producers themselves. These producers may be either Members of the IAI or Official Correspondents, the latter being enterprises possessing, or which have possessed, effective control over primary aluminum production but which are not Members. Official Correspondents are approved by the Board of the Institute. Neither sources outside the industry nor estimates are used. Unwrought aluminum is aluminum in its basic cast form made from primary metal or from scrap and which is unworked in the metallurgical sense. Total aluminum is unwrought aluminum plus unprocessed scrap, metal in process and finished semi-fabricated (mill) products. Unwrought and total aluminum inventories are all relevant inventories over which primary aluminum producers have some degree of control, with the exception of metal included in LME or COMEX stock U.S. dollar rises against most major currencies
The U.S. dollar rose against most major currencies on Monday as investors worried about the Bank of America, the largest bank of the United States, reported on Monday that it posted a profit of 2.81 billion dollars in the first quarter. Profit per share is 44 cents, far more than expected. profit of 2.81 billion dollars in the first quarter. Profit per share is 44 cents, far more than expected. It was the latest in a series of better-than-expected profit reports from major U.S. financial institutions including Citigroup and Goldman-Sachs. But the profit reports failed to lift market sentiment significantly as investors still worried about credit loss of big banks. The strong results were not expected to sustain. Financial stocks rose in the previous weeks amid hopes on economic stabilization. The hopes diminished as some latest economic data came out to be weak. Profit taking drove more capital away from stocks to gold and The euro bought 1.2923 dollars in late New York trading compared with 1.3027 dollars it bought late Friday. The pound fell to 1.4539 dollars from 1.4793 dollars. The dollar rose to 1.2378 Canadian dollars from 1.2148 Canadian dollars, and rose to 1.1688 Swiss francs from 1.1674 Swiss francs. It fell to 97.84 Japanese yen from 99.24 Japanese yen. Wall Street sinks as investors dump banks
Investors are back to worrying about banks. Long-present unease about soured loans bubbled over on Monday after Bank of America Corp. said it set aside $13.4 billion to cover lending losses, even as it posted a profit for the first quarter, and as anxiety grew about the results of the government's "stress tests" to determine if banks will While Bank of America and other big banks like Citigroup Inc. have fared better so far this year than many believed they would, nervousness is growing now over the massive losses from defaulting loans that are yet to come. On Sunday, White House chief of staff Rahm Emanuel said Financial stocks suffered some of the day's worst declines: Bank of America plunged 24.3 percent and Citigroup fell 19 percent. Those two components of the Dow Jones industrial average percent and Citigroup fell 19 percent. Those two components of the Dow Jones industrial average contributed to a daily loss in the index of 290 points, or 3.6 percent. That was the biggest Dow drop since early March, before the market's big rally from nearly 12-year lows. Joe Saluzzi, co-head of equity trading at Themis Trading LLC, said traders are skeptical about bank earnings and believe the better-than-expected profit reports may be disguising problems. "They're looking at bank numbers and are saying they are not that great," Saluzzi said. Traders have been looking for some pullback ever since the Dow jumped 24 percent from its early March lows. But that pullback could end up being more significant than a mere correction if the market cannot shake its concerns about banks. With the stress test results expected in early May, the market is likely to see more volatility. Worries about banks' debt problems were aggravated by news reports that their lending remains tight and that the government may swap its debt in banks for ownership stakes as its $700 billion bailout fund runs down. Because of the central role lending plays in keeping businesses of all kinds going, investors have been hunting for signs of a recovery in banks before they get more optimistic The market has been encouraged by early indications that a government drive for lower interest rates has been helping banks step up lending, but investors are still sensitive to any signs of trouble — including the comments from Emanuel and senior White House adviser David Axelrod, who said some banks "are going to have very serious problems." Energy and materials companies also fell along with the prices of key commodities they rely on, such as crude oil. The market declines were broad and deep, outweighing what would otherwise be positive news about a step-up in deal activity. After a deal with IBM Corp. didn't work out, troubled technology company Sun Microsystems found a buyer in Oracle, a leading maker of business software, while PepsiCo Inc. said it would bid $6 billion to buy its two biggest bottlers. The Dow fell 289.60, or 3.6 percent, to 7,841.73. Broader stock indicators also lost ground. The Standard & Poor's 500 index fell 37.21, or 4.3 percent, to 832.39, and the Nasdaq composite index fell 64.86, or 3.9 percent, to 1,608.21. About 10 stocks fell for every one that rose on the New York Stock Exchange, where consolidated volume came to 6.79 billion shares, down from 7.1 billion shares on Friday. Concerns about the sustainability of bank earnings weighed on financial stocks. Citigroup Inc. lost 71 cents to $2.94; JPMorgan Chase & Co. fell $3.57 or 10.7 percent to $29.69 and American Express Co. fell $2.83 or 13 percent to $18.98. Jeffrey Frankel, president of Stuart Frankel & Co. in New York, said the retreat in financial stocks is welcome after their massive gains from early March — he said too sharp a rise could endanger a long-term advance. Many bank stocks have doubled in only weeks. "These banks have had a tremendous run," Frankel said. "Now you're hearing the bearish camp speak up a little bit." Investors are also cautious about financials after The New York Times reported that the government might be forced to find ways to stretch the $700 billion allocated for the government's bank rescue fund by converting the government's loans into common stock. Such a move would give the government a controlling stake in banks and hurt existing shareholders by reducing the Separately, The Wall Street Journal reported that banks receiving government bailout money are having a hard time making loans. Wall Street was more upbeat about the Oracle deal, which carries a 42 percent premium to Sun's Friday closing stock price of $6.69. Sun jumped $2.46 or 36.8 percent to $9.15, Oracle slipped 24 cents or 1.3 percent to $18.82. Beverage and snack maker PepsiCo offered to acquire Pepsi Bottling Group and PepsiAmericas in a move to cut costs. Pepsi lost $2.27 or 4.4 percent to $49.86 while Pepsi Bottling jumped $5.53 or 22 percent to $30.73 and PepsiAmericas surged $5.16 or 26 percent $25.04. In earnings news, drug maker Eli Lilly & Co.'s first-quarter earnings rose 24 percent on higher sales of the antidepressant Cymbalta and as costs for Humalog, a form of insulin Lilly makes, remained flat. Shares slipped 76 cents or 2.3 percent to $32.99. Light, sweet crude fell $4.45 to $45.88 a barrel on the New York Mercantile Exchange. That helped send Occidental Petroleum Corp. down $3.76 or 6.3 percent to $55.88, while Dow Chemical Co. fell $1.12 or 8.9 percent to In other market moves, the Russell 2000 index of smaller companies fell 26.88, or 5.6 percent, to 452.49. Bond prices rose. The yield on the 10-year Treasury note fell to 2.84 percent from 2.95 percent late Friday. The yield on the three-month T-bill fell to 0.12 percent from 0.13 percent. The dollar was mostly higher against other major currencies. Gold prices rose. Overseas, Japan's Nikkei stock average rose 0.19 percent. Britain's FTSE 100 fell 2.5 percent, Germany's DAX index fell 4.1 percent, and France's CAC-40 fell 4 percent. US copper slides 4 pct in sympathy with equities
U.S. copper futures lost more than 4 percent of their value early Monday as a sharp sell-off in equities drove investors to seek safer-haven assets such as the dollar and gold, analysts said. Copper for May delivery HGK9 plunged 9.00 cents, or 4.1 percent to $2.1040 a lb. on the New York Mercantile Exchange's COMEX division. Further selling took the benchmark contract down to Copper Drops Most in Seven Weeks in London on Stronger Dollar
Copper fell the most in seven weeks in London on Monday as a stronger dollar deterred demand and some investors took advantage of the metal’s longest winning streak in a year to lock in The Dollar Index, a gauge against six counterparts, rose for a fifth day, making dollar-denominated commodities more costly for those holding other currencies. The MSCI World Index of shares fell for the first time in four trading sessions. “The markets are just going to track equities and the dollar,” David Thurtell, an analyst at Citigroup Inc. in London, said by phone. Weaker equities are a reflection of the economic outlook and demand for industrial metals, he said. Copper for delivery in three months fell $225, or 4.7 percent, to $4,580 a metric ton by 4:33 p.m. on the London Metal Exchange. The metal, used in wires and pipes, reached $4,925 on April 14, the highest since Oct. 20, and posted five consecutive weekly advances, the best run since March 2008. It touched an intraday low of $4,565 earlier, down 5 percent, the largest drop since Feb. 27. Cash prices traded at a $3 premium to the three-month benchmark, as the market moved into so-called backwardation late last week for the first time since November. Copper stockpiles in warehouses monitored by the London bourse fell 1.6 percent to 462,325 tons, with more metal likely to go to China and South Korea, Steve Hardcastle, an analyst at Sucden Financial Ltd. in London, said. Canceled warrants, indicating metal that will be taken from storage, rose 6.1 percent. They represent 15 percent of total LME stockpiles. Chinese Purchases
Copper is the best performer of six industrial metals on the LME this year, gaining 49 percent. Buying by China, the largest copper consumer, rose because of a shortage of scrap, local output cuts and strategic stockpiling, Hardcastle said. Aurubis, Europe’s largest copper refiner, said in a report that scrap supply “improved slightly” in March but was limited as Chinese buyers competed for raw materials to feed smelters. Hedge-fund managers and other large speculators increased their net-short position in New York copper futures by 8 percent in the week ended April 14, according to U.S. Commodity Futures Trading Commission data. Speculative short positions, or bets prices will decline, exceeded long positions by 18,861 contracts on the Comex division of the New York Mercantile Exchange. Copper for July delivery in New York fell 4.5 percent to $2.099 a pound. Among other metals for delivery in three months in London, lead fell 5.9 percent to $1,463 a ton and zinc slid 5 percent to $1,480. Tin shed 2 percent to $12,000 a ton, after rising to $12,498, the highest since Dec. 1. Aluminum fell 2.8 percent to $1,445. Nickel fell $735, or 5.7 percent, to $12,090 a ton. The metal, with more than half of the world’s output used in stainless steel, gained 16 percent last week. Oil slides below $46 on stronger dollar, economic concern
Crude oil tumbled nearly 9 percent to below 46 U.S. dollars on Monday as the dollar strengthened and investors grew more concerned about the economic recovery. Light, sweet crude for May delivery dropped 4.45 dollars, or 8.8 percent, to settle at 45.88 dollars a barrel on the New York Mercantile Exchange. The dollar hit a one-month high against a basket of currencies on Monday, which pressured the oil market and sent the crude futures nosediving. Meanwhile, a sharp drop in the U.S. equity market also dampened investors' sentiment. Major indexes halted a six-week gaining streak and lost more than 3 percent on Monday as worries about Also on Monday the International Monetary Fund (IMF) Managing Director Dominique Strauss-Kahn said that the agency will cut global economic forecasts in the coming week. Strauss-Kahn said that he expected a recovery to start in the first half of next year. In London, Brent crude for June delivery fell 3.49 dollars to settle at 49.86 dollars a barrel on

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