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MMG LIMITED

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Delayed Hong Kong Stock Exchange  -  05/27 04:08:54 am EDT
3.290 HKD   -0.30%
05/26Copper extends losses on global recession worries
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05/26Copper extends losses on global recession worries
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05/25Peru talks fail again to end standoff at MMG's Las Bambas copper mine
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Industrial metals price surge set to stall after stellar 2021

12/31/2021 | 06:52am EDT

LONDON, Dec 31 (Reuters) - Industrial metals ended 2021 posting their biggest annual price gains since 2009 driven by tight supply and increased demand and led by aluminium and tin.

Prices were mixed on Friday, with trading muted during the Christmas holiday season.

The London Metal Exchange (LME) index, made up of copper, aluminium, nickel, zinc, lead and tin, was up 32% in 2021 after rising 20% in 2020.

"It's been a year with strong demand recovery from the pandemic," said ING analyst Wenyu Yao. "Most metals markets flipped into deficit."

"Looking into 2022, we expect it's a year of normalisation. We expect demand growth to moderate," she said, adding that limited supply should keep prices high, at least in the near term.

PRICES: Benchmark copper on the LME closed up 0.3% at $9,720.50 a tonne and up 25% in 2021, having risen 26% in 2020.

LME aluminium fell 0.4% to $2,807.50 a tonne on Friday but was up 42% in 2021, its biggest gain since 2009.

Zinc was flat at $3,534 but for the year was up 28.5% higher in its biggest jump since 2017.

Nickel was 0.8% higher at $20,757 on Friday and up 25% this year, its largest annual rise since 2019.

Lead rose 0.3% to $2,304 and was up 15% in 2021, its biggest gain since 2017.

Tin was down 0.9% at $38,860 a tonne. For 2021, it was up more than 90%, the largest annual gain in at least two decades.

RALLIES: Other commodities also surged in 2021 and global stock markets were on track for a third consecutive year of double-digit gains.

CHINA: China's factory activity unexpectedly accelerated in December, but analysts see trouble ahead.

"China has been a primary source of demand for base metals since 2003, but we think this trend has started to come to an end," said Justin Smirk, an economist at Westpac.

"With the decline of investment and production as key growth drivers, this will see diminishing incremental economic growth and a reduction in materials demand as a share of output," he said.

PERU: The operators of the Las Bambas copper mine in Peru said it would restart operations after reaching a deal with protesters blocking a road to the mine.

CHILE: Copper output in Chile, the world's largest producer, fell 1.6% year-on-year in November.

(Reporting by Peter Hobson; Additional reporting by Enrico Dela Cruz in Manila; editing by Jan Harvey and Jason Neely)


© Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
MMG LIMITED -0.30% 3.29 Delayed Quote.31.60%
MSCI PERU (GDTR) 1.76% 5899.55 Real-time Quote.13.53%
S&P GSCI ALUMINUM INDEX 0.19% 181.9213 Real-time Quote.2.01%
S&P GSCI INDUSTRIAL METALS INDEX 1.30% 512.5093 Real-time Quote.2.67%
All news about MMG LIMITED
05/26Copper extends losses on global recession worries
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05/26Copper extends losses on global recession worries
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05/25Peru talks fail again to end standoff at MMG's Las Bambas copper mine
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05/25Industrial metals fall as global growth concerns weigh
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05/25Industrial metals fall on global growth concerns
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05/20Copper poised for first weekly gain in seven on demand hopes, dollar retreat
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05/20Copper set for first weekly gain in seven on demand hopes, dollar retreat
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05/19Copper poised for first weekly rise in seven as China eases COVID curbs
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05/19Peru fails yet again to broker truce allowing MMG's Las Bambas mine restart
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05/17Peru mining protests risk clogging $53 billion investment pipeline, industry warns
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Financials (USD)
Sales 2022 4 618 M - -
Net income 2022 628 M - -
Net Debt 2022 4 194 M - -
P/E ratio 2022 5,61x
Yield 2022 -
Capitalization 3 621 M 3 621 M -
EV / Sales 2022 1,69x
EV / Sales 2023 1,44x
Nbr of Employees 4 238
Free-Float 32,3%
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Mean consensus OUTPERFORM
Number of Analysts 10
Last Close Price 0,42 $
Average target price 0,52 $
Spread / Average Target 23,2%
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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