22 maj: Lotte Shopping 1Q Net Falls 4.5% As Europe Crisis Hurts Sales
22 maj: JP Morgan Trading Losses Could Reach $7 Billion - Report
22-05-2012 06:40:00

UPDATE: Xstrata Says Chinese Copper Demand To Pick Up

Relateret indhold

--Xstrata Copper CEO says demand to revive in second half

--Xstrata Copper CEO says company committed to projects

(Adds details on China's copper demand and recent price moves from third paragraph.)

By Rhiannon Hoyle

Of DOW JONES NEWSWIRES

SYDNEY -(Dow Jones)- Copper demand from China, the world's largest consumer of the industrial metal, is expected to pick up in the second half of the year, although the outlook in Europe remains concerning, the head of Xstrata PLC's (XTA.LN) copper division said Tuesday, adding that future investment decisions may be affected by continued global economic uncertainty.

"The commentary on China is difficult to read on a month-to-month basis," Xstrata Copper Chief Executive Charlie Sartain said on the sidelines of a mining conference in Sydney. "(But) we expect to see actual demand of copper picking up."

China's bustling real estate and manufacturing sectors helped the country become the world's largest consumer of copper, accounting for about 40% of the world's annual supply. However, Beijing's clamp down on real-estate speculation has damped interest in the red metal.

Copper prices have plunged in May amid fears that Greece would exit the euro zone and risk a sovereign-debt default. Copper is used in everything from solar power panels and transatlantic telecommunication cables to portable music players and air-conditioners, and its price is sensitive to shifts in economic outlook.

Mr. Sartain described the global economic outlook as "problematic" but said that Xstrata is committed to a US$7 billion pipeline of new projects, which will deliver a 60% rise in its annual production by 2015. His remarks follow cautious comments from BHP Billiton Ltd. (BHP), which last week backed away from its $80 billion five-year spending program and signs that coal mining companies are slowing down investments in Australia as demand drops.

"Our growth profile should continue (although this will be) market conditions dependent when we look to make decisions over this next 18 months," said Mr. Sartain.

Mr. Sartain expects China to pick up its purchasing activity in the second half of the year, with recent measures by the government to stimulate its cooling economy a positive for industrial metal markets, he said.

This gives Xstrata the chance to "see what evolves in the world over the next 12-18 months (and) make decisions when we see the investment (environment) is suitable," said Mr. Sartain.

Even if China's economy slows, industrial production growth of around 9% is forecast for this year, "not the end of the world by any means," he said.

Acquisition remains a key pillar of Xstrata Copper's strategy, and the proposed merger with commodities titan Glencore International PLC (GLEN.LN) "will be the next major growth story for the group," said Mr. Sartain.

"Our business strategy as we see it will progress through acquisitions. Xstrata and Xstrata Copper have (historically) been acquisitive by nature," he said.

-By Rhiannon Hoyle, Dow Jones Newswires; 61-2-8272-4625; rhiannon.hoyle@dowjones.com

(END) Dow Jones Newswires

May 22, 2012 00:40 ET (04:40 GMT)

Copyright (c) 2012 Dow Jones & Company, Inc.

Opret kommentar

Relateret debat

  • 1 uge
  • 1 måned
  • 1 År
Ingen indlæg

Fondsbørsmeddelelser

Carlsberg: Detailsalget af øl i Rusland steg igen i august

30-09-2014 16:24:29
Det russiske detailsalg af øl steg i august for anden måned i træk. Denne gang var fremgangen på 3,0 pct. sammenlignet med august sidste år efter en stigning på..

Vestas vinder ordre på 79,2 megawatt i Sverige

30-09-2014 12:19:30
Vestas har modtaget en ordre i Sverige på levering af 24 møller med en samlet kapacitet på 79,2 megawatt.Det oplyser vindmølleproducenten tirsdag.Møllerne skal ..

Carlsberg/Sydbank: Lille russisk overraskelse

30-09-2014 09:25:24
Det kom mandag frem, at Carlsberg har valgt midlertidigt at nedlukke et af sine bryggerier i Rusland, hvor selskabet i øjeblikket kører med stor overkapacitet. ..

Mest læste nyheder

  • 24 timer
  • 48 timer
  • 1 uge
1
Aktier/Maj Invest: Aktiemarkedet ikke spekuleret for højt
2
Aktier/tendens: Novo tester rekordniveau
3
Carlsberg/Sydbank: Lille russisk overraskelse
4
Vestas vinder ordre på 79,2 megawatt i Sverige
5
Danske Bank er upopulær blandt erhvervskunder - avis

Relaterede aktiekurser

BHP BLT FPO 34,01 0,4% Stigning i aktiekurs
BHP Billiton Ltd 58,88 -0,2% Fald i aktiekurs
BHP Billiton PLC 55,53 -0,6% Fald i aktiekurs
BHP Billiton PLC 1.715,00 0,0% Aktiekurs uændret
Glencore PLC ORD USD0.01 343,50 0,1% Stigning i aktiekurs

Køb- og salgsanbefalinger

  • Trend
  • Pengemaskinen
Sælg

Relaterede selskaber
Få adgang til information og anbefalinger af relaterede selskaber med PLUS pakken.

Du får adgang til 7 værdifulde investorværktøjer til investering.

Klik her og læs mere om PLUS pakken.
Euroinvestor i andre lande: Euroinvestor.com | Euroinvestor.se | Euroinvestor.no | Euroinvestor.fr | Forexinvestor.com| Wisselkoersen.nl | Valuta.se | Valutaveksel.no | Divisas.es | Valute.it
Copyright Euroinvestor A/S 2014  Disclaimer Privatlivspolitik
Aktieinformation leveres af Interactive Data.
Data er forsinket 15-20 minutter iht. de enkelte børsers regler om videredistribution.
 
1. oktober 2014 07:57:21
(UTC+01:00) Brussels, Copenhagen, Madrid, Paris
Version: LiveBranchBuild_20140930.1 - EUROWEB7 - 2014-10-01 07:57:21 - 2014-10-01 07:57:21 - 1 - Website: OKAY

Når du besøger Euroinvestor.dk accepterer du, at der anvendes cookies, som vi og vores samarbejdspartnere benytter til funktionalitet, statistik og markedsføring. Læs mere om cookies på Euroinvestor.dk her

x