Jiangxi Copper Chairman: Willing To Consider Forex Hedging Activities-Shanghai Metals Market

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Jiangxi Copper Chairman: Willing To Consider Forex Hedging Activities

Industry News 02:26:04PM Mar 07, 2011 Source:SMM

BEIJING, Mar 05, 2011 (Dow Jones Commodities News via Comtex) -- Jiangxi Copper Co. Ltd. (0358.HK), China's largest copper producer by output, is willing to consider undertaking more foreign-exchange hedging activities, Chairman Li Yihuang said Saturday.

The company hasn't undertaken many of such transactions to date, Li told Dow Jones Newswires on the sidelines of the National People's Congress, China's legislature.

"If there are gains to be made (through forex hedging), we'll do it," but the hedging has to based on metal contracts, he said.

The stronger yuan has been advantageous to Jiangxi Copper, as it is able to bring down the cost of its raw material imports, Li said. The company imports raw materials and its refined cpper products are consumed domestically.

 

 

Jiangxi Copper Chairman: Willing To Consider Forex Hedging Activities

Industry News 02:26:04PM Mar 07, 2011 Source:SMM

BEIJING, Mar 05, 2011 (Dow Jones Commodities News via Comtex) -- Jiangxi Copper Co. Ltd. (0358.HK), China's largest copper producer by output, is willing to consider undertaking more foreign-exchange hedging activities, Chairman Li Yihuang said Saturday.

The company hasn't undertaken many of such transactions to date, Li told Dow Jones Newswires on the sidelines of the National People's Congress, China's legislature.

"If there are gains to be made (through forex hedging), we'll do it," but the hedging has to based on metal contracts, he said.

The stronger yuan has been advantageous to Jiangxi Copper, as it is able to bring down the cost of its raw material imports, Li said. The company imports raw materials and its refined cpper products are consumed domestically.