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MMG LIMITED

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Delayed Hong Kong Stock Exchange  -  04:08 2022-06-29 am EDT
2.950 HKD   -5.14%
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06/22Residents end blockade of Las Bambas mine road, agree to dialogue
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Copper set for first weekly gain in seven on demand hopes, dollar retreat

05/20/2022 | 01:57am EDT

May 20 (Reuters) - London copper prices edged higher on Friday, poised for their first weekly gain in seven, as optimism over the easing of some COVID-19 restrictions in top consumer China lifted demand prospects, while a pullback in the U.S. dollar added support.

Benchmark three-month copper on the London Metal Exchange (LME) was up 0.2% at $9,438 a tonne, as of 0531 GMT, after rising 2% in the previous session. The contract is up 3% so far this week.

The most-active June copper contract on the Shanghai Futures Exchange rose 0.7% to 71,880 yuan ($10,718.28) a tonne.

"China is planning to open its economy gradually and go for easy lending, which is providing a positive impact on base metals," Vandana Bharti, assistant vice-president of commodity research at SMC Comtrade.

"Also the dollar index is gradually moving lower and helping commodities."

Shanghai authorities plans to end a prolonged city-wide lockdown on June 1 appeared to remain on track, despite new COVID-19 cases outside quarantine areas for the first time after five days of no infections.

DOLLAR: The U.S. dollar headed for its worst week since early February against major peers, making greenback-denominated metals less expensive for buyers using other currencies.

SUPPORT: China lowered its benchmark reference rate for mortgages for the second time this year, as Beijing is keen to revive credit demand to prop up the economy.

DATA: Output of Shanghai's industries shrank 61.5% in April from a year earlier, slammed by a city-wide COVID lockdown.

POLL: The U.S. Federal Reserve will lift interest rates higher by the end of this year than anticipated just a month ago, a Reuters poll of economists found.

COPPER: Peru's prime minister on Thursday failed to broker a deal with indigenous communities to allow for the restart of operations at MMG Ltd's Las Bambas copper mine.

OTHER METALS: LME aluminium gained 1.3% to $2,944.50 a tonne, zinc rose 0.5% to $3,733.50, lead climbed 2.4% to $2,114, while tin eased 0.1% to $34,185.

Shanghai aluminium added 1.9%, zinc gained 1.1%, nickel rose 3.3%, lead gained 1.2%, while tin climbed 2.5%.

($1 = 6.7063 Chinese yuan) (Reporting by Brijesh Patel in Bengaluru; Editing by Subhranshu Sahu and Sherry Jacob-Phillips)


© Reuters 2022
Stocks mentioned in the article
ChangeLast1st jan.
BRITISH POUND / US DOLLAR (GBP/USD) -0.53% 1.21231 Delayed Quote.-9.34%
CANADIAN DOLLAR / US DOLLAR (CAD/USD) -0.19% 0.77565 Delayed Quote.-1.79%
DOW JONES FXCM DOLLAR INDEX 0.28% 12933.94 Real-time Quote.6.04%
EURO / US DOLLAR (EUR/USD) -0.75% 1.0443 Delayed Quote.-6.95%
INDIAN RUPEE / US DOLLAR (INR/USD) 0.08% 0.012673 Delayed Quote.-5.04%
MMG LIMITED -5.14% 2.95 Delayed Quote.24.40%
NEW ZEALAND DOLLAR / US DOLLAR (NZD/USD) -0.16% 0.6225 Delayed Quote.-7.96%
S&P GSCI ALUMINUM INDEX -0.77% 156.695 Real-time Quote.-11.46%
UNITED STATES DOLLAR (B) / CHINESE YUAN IN HONG KONG (USD/CNH) 0.00% 6.70291 Delayed Quote.5.45%
All news about MMG LIMITED
06/28Two Chinese Game Developers Sue Minmetals Trust Over Losses From WMPs
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06/22Residents end blockade of Las Bambas mine road, agree to dialogue
RE
06/22Road to Peru's Las Bambas copper mine blocked again by residents
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06/22MMG Uses Surplus Cash to Pay $500 Million of Project Facility as Peruvian Mine Resumes ..
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06/17Peru expects lower economic growth on impact of mine protests
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06/17Peru expects lower economic growth on impact of mine protests
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06/10MMG to Resume Operations at Peruvian Copper Mine Following Truce with Protesters
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06/09Peru communities to allow Las Bambas mine restart after 51-day shutdown
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06/08Copper subdued as dollar strength offsets demand hopes, dwindling stocks
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06/07Dwindling stocks, demand optimism lift copper prices
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Financials (USD)
Sales 2022 4 618 M - -
Net income 2022 628 M - -
Net Debt 2022 4 198 M - -
P/E ratio 2022 5,03x
Yield 2022 -
Capitalization 3 248 M 3 248 M -
EV / Sales 2022 1,61x
EV / Sales 2023 1,36x
Nbr of Employees 4 238
Free-Float 32,3%
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Number of Analysts 10
Last Close Price 0,38 $
Average target price 0,52 $
Spread / Average Target 37,4%
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Managers and Directors
Lian Gang Li CEO, Executive Director & Executive GM-Commercial
Ross Anthony Carroll Chief Financial Officer
Jian Jiao Chairman
Peter William Cassidy Independent Non-Executive Director
Cheuk Yan Leung Independent Non-Executive Director