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    3333   KYG2119W1069

CHINA EVERGRANDE GROUP

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Copper prices hover near 1-month low on Evergrande debt crisis

09/21/2021 | 12:06am EST

Sept 21 (Reuters) - Prices of copper, used widely in the power and construction industries, were trading near a one-month low on Tuesday as a debt crisis at China developer Evergrande Group spurred a sell-off across markets and stoked worries over global demand.

Three-month copper on the London Metal Exchange edged up 0.3% to $9,063 a tonne by 0337 GMT, but was hovering near its lowest level since Aug. 20 hit in the previous session of $8,975 a tonne. The contract lost 4.8% so far this month.

Global stock markets grappled with contagion fears, sparked by troubles at China Evergrande as growing risks the property giant could default on its massive debt pile prompted investors to flee riskier assets.

Chinese markets are closed for a holiday and will reopen on Wednesday.

FUNDAMENTALS

* The global world refined copper market showed a deficit of 90,000 tonnes in June, compared with a surplus of 4,000 tonnes in the prior month, the International Copper Study Group said in its latest monthly bulletin.

* Aurubis AG, Europe's largest copper producer, said on Monday its Stolberg copper products plant in Germany will start resuming some production on Nov. 1.

* Two trains operated by Russian aluminium giant Rusal collided in Guinea's capital Conakry on Monday, killing at least one person and injuring several others, according to witness accounts and footage on social media.

* LME aluminium was almost flat at $2,864 a tonne, nickel eased 0.1% to $19,035 a tonne, zinc advanced 0.3% to $3,024 a tonne and lead increased 0.2% to $2,161 a tonne.

* For the top stories in metals and other news, click or

DATA/EVENTS AHEAD (GMT)

1230 US Housing Starts Number Aug

-- Japan Bank of Japan holds Monetary Policy Meeting (to

Sept. 22)

-- US Federal Reserve's Federal Open Market Committee

starts its two-day meeting on interest rates

(to Sept. 22)

(Reporting by Mai Nguyen in Hanoi; Editing by Sherry Jacob-Phillips)


ę Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
AURUBIS AG 2.93% 78 Delayed Quote.19.04%
CHINA EVERGRANDE GROUP -3.93% 2.2 End-of-day quote.-85.23%
UNITED COMPANY RUSAL, INTERNATIONAL PUBLIC JOINT-STOCK COMPANY -4.05% 7.11 End-of-day quote.96.95%
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Analyst Recommendations on CHINA EVERGRANDE GROUP
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Financials
Sales 2021 530 B 67 957 M 67 957 M
Net income 2021 9 514 M 1 221 M 1 221 M
Net Debt 2021 453 B 58 185 M 58 185 M
P/E ratio 2021 3,06x
Yield 2021 1,73%
Capitalization 29 049 M 3 728 M 3 728 M
EV / Sales 2021 0,91x
EV / Sales 2022 0,62x
Nbr of Employees 163 119
Free-Float 27,4%
Chart CHINA EVERGRANDE GROUP
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China Evergrande Group Technical Analysis Chart | MarketScreener
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Technical analysis trends CHINA EVERGRANDE GROUP
Short TermMid-TermLong Term
TrendsBearishBearishBearish
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus HOLD
Number of Analysts 9
Last Close Price 2,20 HKD
Average target price 6,34 HKD
Spread / Average Target 188%
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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