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    ERA   FR0000131757

ERAMET

(ERA)
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London copper eases as dollar firms, on-warrant stocks rise

10/26/2021 | 12:02am EST

Oct 26 (Reuters) - London copper prices fell on Tuesday, on a small uptick in readily available exchange inventories and as a firm dollar made greenback-priced metals pricier to holders of other currencies.

Three-month copper on the London Metal Exchange eased 0.1% to $9,863 a tonne by 0324 GMT, while the most-traded December copper contract on the Shanghai Futures Exchange rose 0.6% to 72,160 yuan a tonne.

The dollar has bounced off recent lows and was firm in choppy trade ahead of a handful of data releases and central bank meetings which investors expect to guide the rates outlook.

On-warrant copper stockpiles in LME warehouses <MCUSTX-TOTAL> rose for the fourth straight session to 23,300 tonnes, rebounding slightly from a 1998-low hit on Oct. 14 of 14,150 tonnes that sparked supply concerns and pushed premium of cash LME to a record high over the three-month contract.

FUNDAMENTALS

* LME aluminium fell 0.5% to $2,860.50 a tonne, zinc declined 0.8% to $3,432 a tonne, and nickel decreased 0.1% to $20,295 a tonne.

* ShFE aluminium dropped 2.9% to 20,870 yuan a tonne, nickel rose 1.8% to 152,110 yuan a tonne, zinc fell 0.7% to 24,395 yuan a tonne, lead rose 0.5% to 16,055 yuan a tonne and tin shed 0.6% to 281,570 yuan a tonne.

* The premium of LME cash nickel over the three-month contract <CMNI0-3> shot up to $189 a tonne, a level unseen since October 2019, indicating tightness of nearby supplies, following Eramet's report of a drop in ferronickel output in New Caledonia due to a wave of COVID-19 infections there.

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

MARKETS NEWS

* Asian stocks inched higher, as upbeat Wall Street earnings lifted the broader economic outlook though fresh worries about China's property sector hit Hong Kong and mainland markets.

DATA/EVENTS (GMT)

1400 US Consumer Confidence Oct

1400 US New Home Sales-Units Sept (Reporting by Mai Nguyen in Hanoi)


ę Reuters 2021
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Financials
Sales 2021 4 305 M 4 871 M 4 871 M
Net income 2021 410 M 464 M 464 M
Net Debt 2021 1 118 M 1 265 M 1 265 M
P/E ratio 2021 4,66x
Yield 2021 1,64%
Capitalization 2 039 M 2 310 M 2 308 M
EV / Sales 2021 0,73x
EV / Sales 2022 0,64x
Nbr of Employees 13 000
Free-Float 30,2%
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Mean consensus OUTPERFORM
Number of Analysts 6
Last Close Price 71,10 €
Average target price 91,95 €
Spread / Average Target 29,3%
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Managers and Directors
Christel Bories Chairman & Chief Executive Officer
Thomas Devedjian Deputy Chief Executive Officer-Finance & Digital
Manoelle Lepoutre Independent Director
Claude Tendil Independent Director
Miriam Maes Independent Director
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