Industrial metals from copper to zinc fell again yesterday, buffeted by a strengthening US dollar and nagging concerns about China. 从铜到锌的工业金属价格昨日再度下跌,受美元走强和市场对中国持续担忧的打压。
Aluminium, a lightweight metal used in everything from aeroplane bodies to drinks cans, was among the fallers. 用于制造飞机机身和饮料罐等许多东西的轻质金属铝也在价格下跌的金属之列。
It dropped to a fresh six-year low after the Ministry of Industry and Information Technology said that China would deal with excess capacity in its aluminium industry by exporting it to the rest of the world. Aluminium for delivery in three months on the London Metal Exchange hit $1,651 a tonne before recovering to end $4 lower at $1,658. 铝价跌至新的6年低点,原因是中国工业和信息化部(Ministry of Industry and Information Technology)表示,中国将通过出口来解决国内铝业产能过剩的问题。伦敦金属交易所(London Metal Exchange)三个月期铝一度跌至每吨1651美元,随后有所回升,以每吨1658美元收盘,当日下跌4美元。
Although Chinese aluminium consumption is forecast to grow by more than 9 per cent, this output is growing at a faster pace, according to Alcoa, one of the world’s biggest producers. Data from China’s National Bureau of Statistics, released earlier this week, showed that China domestic primary aluminium output had surged by 18 per cent year-on-year to a record 2.8m tonnes. 据世界最大铝生产商之一美国铝业(Alcoa)介绍,尽管中国的铝消费量增速预计将超过9%,但产量增速更快。中国国家统计局(NBS)本周早些时候发布的数据显示,中国国内原铝产量同比跃升18%,达到创纪录的280万吨。
Rather than rationalise its oversupplied domestic market by closing ageing or lossmaking smelters, China is exporting increasing amounts of aluminium in the form of semi-manufactured products, which are eligible for tax rebates.
中国没有通过关闭陈旧或亏损的冶炼厂来调整供应过剩的国内市场,而是出口越来越多的半成品铝;此类产品有资格获得退税。
In June, net “semi” exports jumped to 370,000 tonnes, a 57 per cent increase on the same month a year ago. 6月,净“半成品”出口跃升至37万吨,同比增长57%。
“The continued outflow of aluminium from China is quickly pushing what was a relatively tight mark into surplus,” said Daniel Hynes, analyst at ANZ. “When combined with worrying signs of weak demand outside of China, prices are likely to remain under pressure in the coming months.” The surge in exports has drawn the ire of producers in the rest of the world which claim that much of the metal being exported has only been minimally processed so that it qualifies for tax rebates. Alcoa has called them “fake semis” and claims that they are a key driver of the 10 per cent fall in aluminium prices this year. “铝从中国源源不断输出,把本来相对较紧的市场很快搞成了过剩,”澳新银行(ANZ)分析师丹尼尔?海因斯(Daniel Hynes)表示。“再加上中国以外的需求出现令人担忧的疲弱迹象,未来几个月价格很可能持续承压。”中国出口激增已经引起世界其它地方生产商的不满,它们称,很大一部分铝只得到最低程度的加工,以便有资格获得退税。美国铝业称这些产品是“假半成品”,并声称它们是今年以来铝价下跌10%的关键驱动力。
Elsewhere, copper sank $89.50 to $5,364 a tonne — also a six-year low — while nickel dipped $195 to $11,470 and zinc fell back $35 to $2,003, partly on continued worries about demand growth in China. China accounts for at least 40 per cent of demand in industrial metal, and concerns that its economy could suffer have intensified.
与此同时,铜价下跌89.50美元,至每吨5364美元的6年新低,镍价下跌195美元,至每吨11470美元,锌价回落35美元,至每吨2003美元,部分原因是市场继续对中国的需求增长感到忧虑。中国占工业金属需求的至少40%,近来各方对中国经济可能下行的担忧有所加剧。