Copper stockpiles held in duty-free warehouses in China, the top user, may be re-exported after surging to as much as 350,000 tons from almost none at the start of the year, according to Xi'an Maike Metal International Group.
中國(guó)是銅的使用大國(guó),免稅倉(cāng)庫(kù)中的銅庫(kù)存從年初的零儲(chǔ)備量一路漲到目前的350000噸后,可能會(huì)被重新出口到國(guó)外,按照西安麥可國(guó)際金屬公司的說(shuō)法.
"We can hardly find buyers for refined copper," said Luo Shengzhang, general manager of the copper department at Xi'an Maike. The company ranks among the country's three biggest importers, according to the executive. "China's got to export some copper from now and next year," Luo said in an interview.
“我們幾乎找不到精煉銅的買(mǎi)家”,西安麥可公司銅部門(mén)的總經(jīng)理羅盛章如是說(shuō).公司高管說(shuō)公司已躋身于全國(guó)最大的三家銅進(jìn)口商.羅總在一次采訪中說(shuō)：“中國(guó)從現(xiàn)在開(kāi)始及接下來(lái)的幾年,都將出口部分銅到國(guó)外”
Copper, used to make pipes and wires, has more than doubled this year as China's 4-trillion-yuan ($586 billion) stimulus spending, increased State stockpiling and lack of scrap material boosted China's imports to a record. That's helped to drive Chinese prices below London's since at least July.
銅,用來(lái)制作銅管和銅線(xiàn),今年已經(jīng)刺激消費(fèi)達(dá)到40000億元（5860億美元）,是去年的2倍多,增加的國(guó)家儲(chǔ)備和廢料的缺乏刺激中國(guó)的出口創(chuàng)下新紀(jì)錄.這也幫助促使中國(guó)的價(jià)格從去年7月以來(lái)低于倫敦.
Xi'an Maike has had to re-route some bonded copper to London Metal Exchange warehouses in South Korea because the company was unable to find buyers in China, with local supply outpacing demand, said Luo. The effect of the stimulus package was wearing off and local scrap supply was improving, he said.
羅總說(shuō),西安麥可不得不以另外的方式出口部分保稅銅到倫敦金屬交易所在韓國(guó)的倉(cāng)庫(kù),因?yàn)楣驹谥袊?guó)無(wú)法找到買(mǎi)家,國(guó)內(nèi)供應(yīng)已經(jīng)供大于求,刺激計(jì)劃的影響正在減少,國(guó)內(nèi)廢料供應(yīng)正在改善.
"We do see the trend of more copper being re-routed, though our estimate for bonded copper isn't as big," Grace Qu, an analyst at CRU International Ltd, said from Beijing yesterday. A shift of the metal from bonded stockpiles "to LME reported inventory would be bearish for London prices", she said.
Grace Qu,來(lái)自CRU國(guó)際公司的分析師,昨天在北京說(shuō),我們確實(shí)看到這種趨勢(shì),越來(lái)越多的銅被重新出口,但我們對(duì)保稅銅的預(yù)計(jì)沒(méi)有那么大,金屬?gòu)谋６悗?kù)存到倫敦金屬交易所的變動(dòng)會(huì)對(duì)倫敦價(jià)格產(chǎn)生不利影響
Luo's estimate of the bonded-zone stockpiles compares with 60,000 tons by Macquarie Group Ltd in July. It's also more than triple the inventory in Shanghai Futures Exchange warehouses, which stood at 104,275 tons as of the week of Nov 2. A bonded zone holds imported goods before duty has been paid.
羅總對(duì)保稅區(qū)域銅庫(kù)存的預(yù)計(jì)可以跟麥格里公司七月給出的60000噸比對(duì)一下.這個(gè)數(shù)據(jù)是上海期貨交易倉(cāng)庫(kù)庫(kù)存的的三倍,到11月2號(hào)為止,上海期貨交易倉(cāng)庫(kù)有104275噸.保稅區(qū)可以在繳納關(guān)稅之前就拿到進(jìn)口貨物.
Three-month copper in London traded yesterday at $6,548 a ton compared with $3,070 at the end of last year. Futures in Shanghai have also more than doubled this year to a high of 51,580 yuan ($7,554) a ton yesterday.
昨天倫敦交易中心的3個(gè)月期銅價(jià)為6548美金/噸,去年年底為3070美金/噸.上海期貨中心的交易價(jià)格昨天也達(dá)到了今年的一個(gè)新高,51580元/噸（7554美金）,此價(jià)格是去年的兩倍多.
Still, buying the metal from overseas to sell in the Chinese market has not been profitable since at least July, according to Bloomberg calculations. Prices in Shanghai were more than 1,300 yuan a ton lower than London on Monday, after accounting for China's 17 percent value added tax.
此外,根據(jù)澎博計(jì)算,國(guó)外購(gòu)買(mǎi)金屬?lài)?guó)內(nèi)銷(xiāo)售的模式至少?gòu)?月開(kāi)始已經(jīng)沒(méi)有那么有利可圖了.把中國(guó)的17%的增值稅加進(jìn)去,上海的期貨價(jià)格超過(guò)1300元/噸,低于周一倫敦的價(jià)格
In addition to the bonded-zone stockpiles, China may also hold 150,000 tons in the Shanghai area, including in exchange-monitored warehouses; 235,000 tons at the State Reserve Bureau, which maintains government holdings; and 200,000 tons with fabricators and private investors, Luo, 36, said on Monday.
Refined-copper exports by China were 10,705 tons in September, 70 percent more than a month ago and the highest this year, according to data by the Beijing-based Customs office. Refined-copper imports in the first nine months of this year were 2.58 million tons, 165 percent more than a year ago.
除了保稅區(qū)的庫(kù)存,中國(guó)在上海地區(qū)還有150000噸的銅庫(kù)存,包括交易監(jiān)控倉(cāng)庫(kù).國(guó)家儲(chǔ)備局有235000噸,這屬于政府持有.200000噸屬于制造者和私人投資者,羅總在周一如是說(shuō).根據(jù)北京海關(guān)的數(shù)據(jù),中國(guó)9月的精煉銅出口量為10705噸,比一個(gè)月之前多了70%,是今年的新高.今年前9個(gè)月的精煉銅進(jìn)口為2580000噸,比去年同比增長(zhǎng)165%.
Xi'an Maike's inbound shipments of refined copper may total about 400,000 tons this year, ranking among the top three importers by volume, according to Luo.
羅總說(shuō),今年西安麥可進(jìn)口的精煉銅總共約400000噸,是中國(guó)最大的三大進(jìn)口商之一.