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    MSC   MYL5916OO001

MALAYSIA SMELTING CORPORATION

(MSC)
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SummaryMost relevantAll NewsOther languagesPress ReleasesOfficial PublicationsSector news

Copper eases on fears of China price curbs

06/10/2021 | 01:51am EDT

HANOI, June 10 (Reuters) - Copper fell on Thursday, hit by fresh concerns about price controls after surging producer inflation strengthened China's resolve to keep commodity prices in check.

Three-month copper on the London Metal Exchange fell 0.6% to $9,920 a tonne by 0706 GMT, while the most-traded July copper contract on the Shanghai Futures Exchange dipped 0.5% to 71,290 yuan ($11,167.15) a tonne.

China's state planner on Wednesday renewed its pledge to step up monitoring of commodity prices and strengthen supervision of spot and futures markets, as domestic producer inflation hit its highest in more than 12 years.

Copper prices have surged 28% so far this year on the LME and 21% on ShFE. Last month, both contracts hit record highs.

"Such a rise in raw material prices has fueled concerns that officials will crack down on speculation. China's economic policy agency vowed to strengthen its control over commodity markets," said ANZ in a note.

China is the world's biggest consumer of metals.

The market is also awaiting U.S. inflation data, due later on Thursday, for clues on the Federal Reserve's position on tapering monetary stimulus, a move that could dampen demand for metals.

FUNDAMENTALS

* LME aluminium fell 0.5% to $2,447.50 a tonne, while nickel declined 1% to $17,955 a tonne. In Shanghai, aluminium rose 0.4% to 18,440 yuan a tonne, nickel shed 0.6% to 131,110 yuan a tonne, while lead rose 1% to 15,420 yuan a tonne.

* Malaysia Smelting Corporation Bhd, the world's third-biggest refined tin maker, said on Wednesday it had declared force majeure on its deliveries to customers because of coronavirus-related disruptions to production.

* The premium of LME cash aluminium and the three-month contract <CMAL0-3> rose to $11.80 a tonne, its biggest since December 2019, indicating tightening supply of nearby contracts.

* For the top stories in metals and other news, click or ($1 = 6.3839 yuan) (Reporting by Mai Nguyen; Editing by Ramakrishnan M. and Devika Syamnath and Elaine Hardcastle)


© Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
MALAYSIA SMELTING CORPORATION 0.00% 1.95 End-of-day quote.36.36%
S&P GSCI ALUMINUM INDEX 1.00% 154.6763 Delayed Quote.22.44%
UNITED STATES DOLLAR (B) / CHINESE YUAN IN HONG KONG (USD/CNH) 0.03% 6.47665 Delayed Quote.-0.31%
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Financials
Sales 2020 813 M 196 M 196 M
Net income 2020 15,2 M 3,65 M 3,65 M
Net Debt 2020 446 M 107 M 107 M
P/E ratio 2020 37,7x
Yield 2020 0,70%
Capitalization 780 M 187 M 188 M
EV / Sales 2019 0,66x
EV / Sales 2020 1,25x
Nbr of Employees 1 213
Free-Float 32,6%
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Managers and Directors
NameTitle
Mian Thong Yong Group CEO & Non-Independent Executive Director
Hoi Khong Lam Group Chief Financial Officer
Gek Khim Chew Non-Independent Non-Executive Chairman
Raveentiran Krishnan Group Chief Operating Officer-Smelting
Seong Lee Chen Deputy Chief Executive Officer-Administration
Sector and Competitors