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SUMITOMO METAL MINING CO., LTD.

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Shanghai copper posts weekly gain as smelting activity drops

04/02/2021 | 03:57am EDT

HANOI, April 2 (Reuters) - Shanghai copper prices rose on Friday on concern over limited supplies of refined copper after data showed a fall in global smelting activity owing to a shortage of feedstock.

The most-traded May copper contract on the Shanghai Futures Exchange closed 2.4% up at 67,090 yuan ($10,227.91) a tonne for a 0.9% weekly gain.

The London Metal Exchange (LME) is closed for a public holiday and both exchanges will be shut on Monday.

Global copper smelting slipped to its lowest levels in at least five years in March, especially in top refined copper producer China, data from satellite surveillance of copper plants showed.

A supply squeeze in concentrates partially outweighed signs of weaker than expected demand for refined copper in China, the world's biggest consumer, as it enters a traditionally strong demand season in the second quarter.

The Yangshan copper premium <SMM-CUYP-CN> fell to $57 a tonne, its lowest since Nov. 30, indicating weakening demand for imported copper in China.

"We temporarily maintain the long-term bullish judgment of copper prices, but if destocking in the second quarter is less than expected the increase in copper prices may be weaker than previously expected," Huatai Futures said in a note.

ShFE copper inventories <CU-STX-SGH> climbed to their highest since May 2020 at 197,628 tonnes.

FUNDAMENTALS

* ShFE aluminium rose 1.4% to 17,515 yuan a tonne, nickel advanced 1.9% to 123,470 yuan, lead declined 1.9% to 15,015 yuan and tin jumped 3.9% to 182,510 yuan.

* Japan's second-largest copper smelter, Sumitomo Metal Mining Co, expects its refined copper output in the 2021/22 financial year to drop by 5% to 421,000 tonnes because of maintenance at its Toyo smelter and refinery.

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

($1 = 6.5595 yuan) (Reporting by Mai Nguyen Editing by Uttaresh.V and David Goodman)


© Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
SUMITOMO METAL MINING CO., LTD. -1.29% 4747 End-of-day quote.3.67%
TOYO CORPORATION 0.37% 1099 End-of-day quote.-5.75%
UNITED STATES DOLLAR (B) / CHINESE YUAN IN HONG KONG (USD/CNH) 0.00% 6.5205 Delayed Quote.0.39%
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Sales 2021 915 B 8 405 M 8 405 M
Net income 2021 80 775 M 742 M 742 M
Net Debt 2021 232 B 2 130 M 2 130 M
P/E ratio 2021 16,2x
Yield 2021 1,97%
Capitalization 1 304 B 11 985 M 11 987 M
EV / Sales 2021 1,68x
EV / Sales 2022 1,48x
Nbr of Employees 6 873
Free-Float 80,1%
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Mean consensus BUY
Number of Analysts 8
Average target price 5 545,00 JPY
Last Close Price 4 747,00 JPY
Spread / Highest target 32,7%
Spread / Average Target 16,8%
Spread / Lowest Target -3,10%
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NameTitle
Akira Nozaki President & Representative Director
Yoshiaki Nakazato Chairman
Masahiro Morimoto Manager-Accounting & Head-Secretariat
Atsushi Idegami Managing Executive Officer & GM-Technology
Hitoshi Taimatsu Independent Outside Director
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