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    3333   KYG2119W1069

CHINA EVERGRANDE GROUP

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China Evergrande : Nickel nears seven-year high as market frets about supply

09/17/2021 | 06:26am EST

LONDON, Sept 17 (Reuters) - Nickel prices climbed towards seven-year highs on Friday as supply fears resurfaced after an Indonesian government official said the country was looking at taxes on exports of the stainless steel ingredient.

Traders said profit-taking after the New York open weighed on nickel on the London Metal Exchange (LME), which was down 0.2% to $19,360 a tonne at 1600 GMT. Prices of the metal used in electric vehicle batteries touched $20,705 a tonne last week, its highest since May 2014.

"Inventories are low, demand is stronger than expected and supplies haven't kept up. The idea of Indonesia imposing export taxes just adds to the mix," one nickel trader said.

INDONESIA: Investment minister Bahlil Lahadalia said Indonesia is exploring the possibility of levying an export tax on nickel products with less than 70% nickel content to drive expansion of the country's domestic processing industry.

INVENTORIES: Stocks of nickel in LME-registered warehouses <MNISTX-TOTAL> have dropped 35% since April to 171,714 tonnes.

Cancelled warrants -- metal earmarked for delivery -- at 35% and one company holding large amounts of warrants are also fuelling concern about a tight LME market.

This pushed the premium for cash metal over the three-month <CMNI0-3> contract to $32 a tonne, up from $15 at Thursday's close.

ALUMINIUM: Prices of the metal used in the transport and packagaing industries are trading near 13-year highs on expectations that accelerating production cuts in China to control emissions will create large shortages this year.

"China needs to balance the environment against the economy. If push comes to shove, I would say China will always lean towards the economy," said Julius Baer analyst Carsten Menke.

High prices have also been bolstered by concerns about disruptions in Guinea, which has large reserves of bauxite used to make aluminium feedstock alumina.

Three-month alumnium was up 0.2% at $2,885.5.

OTHER METALS: Copper fell 0.5% to $9,321 a tonne, zinc slid 0.1% to $3,078, lead slipped 1.2% to $2,180 and tin was up 0.3% at $34,140. (Reporting by Pratima Desai Editing by David Goodman, and Louise Heavens)


ę Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
CHINA EVERGRANDE GROUP -8.80% 2.28 End-of-day quote.-84.70%
YUNNAN ALUMINIUM CO., LTD. -1.63% 10.85 End-of-day quote.44.09%
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Analyst Recommendations on CHINA EVERGRANDE GROUP
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Financials
Sales 2021 530 B 67 915 M 67 915 M
Net income 2021 9 514 M 1 220 M 1 220 M
Net Debt 2021 453 B 58 149 M 58 149 M
P/E ratio 2021 3,17x
Yield 2021 1,67%
Capitalization 30 106 M 3 860 M 3 861 M
EV / Sales 2021 0,91x
EV / Sales 2022 0,62x
Nbr of Employees 163 119
Free-Float 18,3%
Chart CHINA EVERGRANDE GROUP
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Technical analysis trends CHINA EVERGRANDE GROUP
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TrendsBearishBearishBearish
Income Statement Evolution
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Mean consensus HOLD
Number of Analysts 9
Last Close Price 2,28 HKD
Average target price 9,99 HKD
Spread / Average Target 338%
EPS Revisions
Managers and Directors
Hai Jun Xia Vice Chairman & Chief Executive Officer
Shou Ming Shi President
Da Rong Pan Chief Financial Officer & Executive Director
Ka Yan Hui Chairman
Dong Feng Chen Head-Information
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