21 maj: Golf på kinesisk
26 maj: Skattereform 2012
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

Vind: Tyrkiet åbner op bud på 1,2 GW havvind

22-06-2018 12:08:41
Tyrkiet har lanceret landets første budrunde på havvindenergi og har allokeret en kapacitet på 1,2 gigawatt til formålet. Myndighederne har fastlagt et loft for budprisen på 80 dollar per megawatt-time, og interesserede selskaber og konsortier skal senest 23. oktober indlevere deres bud. Støtten vil blive givet i form af en elsalgsaftale for de første 50 terawatt-timer produceret energi, skriver R..

Unibrew/Danske: Kursmålet løftes til 525 kr.

22-06-2018 10:45:53
Royal Unibrews opjustering torsdag eftermiddag har fået Danske Bank til at løfte sit kursmål for bryggeriaktien til 520 kr. fra 475 kr. Anbefalingen er uændret "hold", viser data fra Bloomberg News.Unibrews nye prognose lyder på en omsætning mellem 6,8 og 7 mia. kr., et primært driftsresultat (EBITDA) på 1550 til 1625 mio. kr. og et driftsresultat efter af- og nedskrivninger på 1190 til 1265 mio. ..

Aktier/tendens: Unibrew kan ryge op i forventet rolig markedsåbning

22-06-2018 08:07:28
En opjustering fra Royal Unibrew bliver et af fokuspunkterne i fredagens tidlige danske aktiehandel, som generelt ser ud til at ville være præget af mindre bevægelser. Efter torsdagens danske børslukning, hvor det danske C25-indeks sluttede 0,2 pct. lavere i indeks 1119,14, var der ganske vist et lille fald i de amerikanske aktier på Wall Street. Men fredag morgen er der marginale plusser i handle..

Mest læste nyheder

  • 24 timer
  • 48 timer
  • 1 uge
1
ATP reducerer bonuspotentialet til sejlivede danskere
2
Aktier/tendens: Unibrew kan ryge op i forventet rolig markedsåbning
3
EU: Grækenlands gældskrise er et afsluttet kapitel
4
Vind: Tyrkiet åbner op bud på 1,2 GW havvind
5
Aktier/middag: Unibrew indtager toppen mens Ambu igen falder tungt

Relaterede aktiekurser

Køb- og salgsanbefalinger

  • Trend
  • Pengemaskinen

Copyright Euroinvestor A/S 2018  Disclaimer  |  Cookie- og privatlivspolitik  |  Persondatapolitik
Aktieinformation leveres af Morningstar.
Data er forsinket 15-20 minutter iht. de enkelte børsers regler om videredistribution.
 
23. juni 2018 02:53:53
(UTC+01:00) Brussels, Copenhagen, Madrid, Paris
Version: LiveBranchBuild_20180619.1 - EUROWEB5 - 2018-06-23 02:53:53 - 2018-06-23 02:53:53 - 1 - Website: OKAY