中國需求疲弱拖累銅價走低
Copper fell below $6,000 on Monday, bringing a halt to a rally in May, on continued weak demand in China, the biggest consumer of the metal.
週一，銅價跌至每噸6000美元以下，終止了5月份的漲勢。原因在於，作爲全球最大的銅消費國，中國的需求持續疲軟。Prices for three-month delivery on the London Metal Exchange touched $5,985 on Monday. The metal has fallen more than $400 from its price at the beginning of May.
週一，倫敦金屬交易所(LME)3個月交貨的銅價觸及每噸5985美元。銅價較5月初已下跌了逾400美元。
There are few signs of strong orders for copper in China by cable makers and for power grid investment, despite the arrival of the traditional peak buying season.
在中國，目前幾乎沒有跡象表明電纜製造商下大額訂單或進行高額電網投資，儘管傳統的高峯購買季節已到來。
“The downstream demand is still fairly limited, we don’t see sufficient or meaningful recovery in terms of fundamentals and sentiment has started to turn,” said Xiao Fu, an analyst at BOC International, a unit of Bank of China.
“下游需求仍很有限，我們認爲，在基本面和信心層面尚未看到足夠或重大的恢復，”中國銀行(BoC)子公司中銀國際(BOC International)的分析師付曉表示。Analysts expect China’s copper demand to grow by 4 per cent this year, yet that figure is predicated on considerable use in power grid investment, based on announced government spending plans.
分析師們預計，今年中國銅需求將增長4%，但這一預測的前提是，依據政府方面公佈的開支計劃，銅在電網投資上的使用量相當可觀。Power grid investment fell by 8.65 per cent in April, according to SMM, a China-based metals consultancy. In the first four months, China completed Rmb86.6bn of grid investment, 20 per cent of the planned amount for the year, it said. Last year, only 88.7 per cent of grid investment was completed.
中國金屬諮詢機構——上海有色金屬網(SMM)數據顯示，今年4月電網投資下降了8.65%。該機構表示，今年頭4個月，中國完成電網投資866億元人民幣，爲全年計劃投資額的20%。去年，電網計劃投資額僅完成了88.7%。A fall in copper stocks in warehouses tracked by the Shanghai Futures Exchange in April and May, which was taken as a sign of better demand, may also not have gone to end users, according to analysts.
4月和5月，上期所(SHFE)所追蹤的倉庫的銅庫存有所減少，這被當做是需求改善的標誌。但分析師認爲，需求或許也沒有流向最終用戶。“The evolution of China’s demand conditions remains the crucial issue for sentiment towards the complex in mid-2015, and neither the micro nor macro evidence for May suggests an improvement in this dynamic,” Standard Chartered wrote in a note.
“就2015年年中的市場心理而言，中國需求狀況的演變仍是一個至關重要的因素，5月份沒有任何微觀或宏觀因素表明中國需求態勢發生好轉，”渣打(Standard Chartered)在一份報告中寫道。
