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China is the biggest risk to Base Metal prices
- China Aluminium Network
- Post Time: 2008/5/20
- Click Amount: 528
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MUMBAI: China is the biggest risk to base metal prices, not only in its role as a leading consumer, but also in its status as the world’s largest refined producer of every base metal except for nickel.
Copper is the best non-precious metal conductor of electricity. The metal's exceptional strength, ductility, and resistance to creeping and corrosion, makes it the preferred and safest conductor for building wiring. Copper is also used in power cables, either insulated or uninsulated, for high, medium and low voltage applications.
Copper is an essential component of energy efficient motors and transformers and automobiles. Copper ranks third in world metal consumption after steel and aluminium.
It is a product whose fortunes directly reflect the state of the world's economy.
China's gross domestic product (GDP) grew 10.6 pct year-on-year in the first quarter to 6.1491 trln yuan, slowing from the full-year growth rate of 11.9 pct in 2007, the National Bureau of Statistics (NBS) said.
China continues in the spotlight as metal markets remain dominated by Chinese demand, which is being driven by urbanization and consumer demand. Recent macroeconomic issues surrounding the U.S. have had a marginal effect on global metal demand as the U.S. relevance continues to be diminished.
China IP growth continues to rank in double digits, while other BRIC economies are also rising and new EU entrants as well as a wealthy Middle East (thanks to high oil prices) have also contributed to perpetuated metal demand.
Conversely, China is the biggest risk to base metal prices, not only in its role as a leading consumer, but also in its status as the world’s largest refined producer of every base metal except for nickel (although inroads have been made in nickel with nickel pig iron).
Raw material shortages, power issues, labour disruptions, tariff changes, capacity issues, and tighter environmental policies all threaten supply to and from China, and at present most metals exchange inventories are at critically low levels – unable to sustain large production shortfalls and to meet increased demand pressures. Source: Commodity Online
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