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Copper Demand to Increase in Second Half, Jiangxi Copper Says

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BEIJING, Aug. 25 -- Jiangxi Copper Co., China's biggest producer, said global demand for the metal will increase as the world economy recovers from the recession.
&nbsp;&nbsp;&nbsp; A weakening dollar and concerns that inflation will rise will also increase investors' appetite for commodities, supporting copper prices, the Guixi, Jiangxi province-based company said yesterday in a statement, without giving a forecast.
&nbsp;&nbsp;&nbsp; The Organization for Economic Cooperation and Development said last week the economies of its 30 members collectively stopped shrinking in the second quarter as Japan, France and Germany exited recessions. Copper prices have more than doubled and crude oil had advanced 66 percent this year.
&nbsp;&nbsp;&nbsp; &quot;As the global economy gradually recovers in the second half, demand for copper will gradually increase,&quot; Jiangxi Copper said in a statement filed to the Shanghai stock exchange.
&nbsp;&nbsp;&nbsp; Copper futures in London rose 0.9 percent to $6,360 a metric ton yesterday. Futures in Shanghai have more than doubled this year.
&nbsp;&nbsp;&nbsp; China imported a record amount of refined copper in June, as the government's 4 trillion yuan ($586 billion) stimulus spending spurred construction demand and the state stockpiled the metal.
&nbsp;&nbsp;&nbsp; Jiangxi Copper reported a 61 percent drop in first-half profit yesterday after prices and demand declined. Net income fell to 1.2 billion yuan, or 0.38 yuan a share, in the six months ended June 30, from 3.08 billion yuan, or 1.02 yuan a share, the company said.
&nbsp;&nbsp;&nbsp; A shortage of scrap metal and concentrates forced smelters to cut processing fees by two-thirds in the period, it said.
&nbsp;&nbsp;&nbsp; Treatment and refining charges, or processing fees, have declined to $25 a ton and 2.5 cents a pound respectively, from $75 a ton and 7.5 cents a pound in January, Jiangxi Copper said.
&nbsp;&nbsp;&nbsp; (Source: Bloomberg)
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Copper Demand to Increase in Second Half, Jiangxi Copper Says | Shanghai Non ferrous Metals

Copper Demand to Increase in Second Half, Jiangxi Copper Says

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