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The credit crunch hurt Chinese copper demand of power department

by:AAA     2020-04-26
( Industry news] The credit crunch hurt Chinese copper demand of power department sanewcable P in Hong Kong, news, traders and analysts said on Wednesday that the Chinese government tightening credit policy has hurt Chinese copper demand of power department, reducing the copper imports. Analysts had expected the first half of the copper demand in China, because China needs to be fixed and in southern provinces because of the snowstorm the damaged power grid. But so far repair work is in aluminum cable and optical fiber cable, rather than copper. Shanghai great futures lead researcher JingChuan said the electricity sector demand of domestic consumption of copper % worse than expected, weigh on domestic copper price, so imports less attractive. 'The credit crunch reduced orders from the power sector. 'JingChuan, said the government tightening credit policy to copper and copper wire factory to build the company's cash flow and power grid to decrease. In China, the copper rod and wire production capacity idle quantity about accounted for %. Traders said a large wire and cable manufacturer in jiangsu province, 'part of the project could be cancelled, affected by shortage of cash. 'He added, small factory may not be running full capacity. Macquarie bank said in a report last week, China's dominant copper consumption growth % only in the first quarter of this year. The bank said in a report last month, in the first quarter of dominant increased demand. %。 A large copper smelter in the north trade manager, said the cash shortage is also forcing manufacturers to delay the purchase of copper. He pointed out that 'the factory choose one by one to complete orders at present. They don't want to set up copper inventories. 'Weak demand and domestic copper prices and traders said China copper smelters have been expanding capacity and increase supply, further depressing prices. Traders said, following the month production was increased nearly last month, tons, after China's refined copper production may further increase. They also expect, refined copper imports may from the month, tons of fell to tons. Since the beginning of the year, the international copper prices have risen nearly %, quote per ton, on Wednesday. China the rally is much less than the LME market, Shanghai copper futures for three months at the beginning of month contracts so far up less than %, Wednesday a tonne, yuan ( The dollar) 。 Plus domestic % VAT, the price is relatively low cost per ton, yuan. http / / www。 sanewcable。 com
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