Copper Above $10,000 as Supply Worries Counter Faltering Demand
Copper Above $10,000 as Supply Worries Counter Faltering Demand
(Bloomberg) -- Copper climbed above $10,000 a ton as predictions for tighter global supplies and rising consumption in electric vehicles and power grids countered signs of demand destruction in top user China.
（彭博社）——铜价攀升至每吨1万美元以上，原因是对全球供应紧张以及电动汽车和电网消费增加的预测抵消了主要用户中国需求破坏的迹象。
Prices of copper have risen 17% this year on fears of shortages, with aging mines forecast to struggle to keep pace with demand. Supply growth is stagnating, according to ANZ Group Holdings Ltd. analysts including Daniel Hynes. Prices needed to stay around $12,000 a ton to achieve a 10% rate of return for a 300,000-ton mine, they said.
由于担心短缺，铜价今年上涨了17％，预计老化的矿山将难以跟上需求的步伐。包括丹尼尔·海因斯在内的澳新银行集团控股有限公司分析师表示，供应增长停滞不前。他们说，要使30万吨矿山的回报率达到10％，价格需要保持在每吨12,000美元左右。
Still, Chinese fabricators are cutting back on purchases of refined metal in response to the recent rally. Copper wire plants in China were operating at 73% of capacity last month, down 14 percentage points from a year ago, according to a survey from Shanghai Metals Market published this week.
尽管如此，中国制造商仍在削减精炼金属的购买量，以应对最近的涨势。上海金属市场本周发布的一项调查显示，中国铜线厂上个月的产能为73％，比去年同期下降了14个百分点。
Base metals including copper risk a pullback as a recent push higher rests upon investors' fear of missing out on gains, rather than on any change seen yet in underlying market balances, Macquarie Group Ltd. said in a note this week.
麦格理集团有限公司在本周的一份报告中表示，包括铜在内的基本金属有回调的风险，因为近期的上涨是由于投资者担心错过涨势，而不是基础市场余额的任何变化。
In the meantime, sizable cuts in refined copper output are yet to happen in China, despite pledges by smelters to do so because of tight concentrate supply. Refined production in April was up 1.6% from a year earlier and 2% higher than expected, according to Shanghai Metals Market, citing their surveys, ahead of government data later this month.
与此同时，尽管由于精矿供应紧张，冶炼厂承诺大幅削减精炼铜产量，但中国尚未大幅削减精铜产量。在本月晚些时候公布政府数据之前，上海金属市场援引他们的调查显示，4月份的炼油产量比去年同期增长了1.6％，比预期高出2％。
Copper rose 1.3% to $10,028 a ton on the London Metal Exchange as of 1:44 p.m. in Shanghai on Friday. Most base metals were higher.
截至周五上海下午1点44分，伦敦金属交易所铜价上涨1.3％，至每吨10,028美元。大多数基本金属都走高。