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Sector Comment
Neutral
Nonferrous metals
(Previous: Neutral)
Global oversupply of copper worsening
China Merchants Securities (HK)
The copper industry has begun to face pressure on the supply side. Deng liangsheng
Given acceleration of copper supply as well as the decline of (86)-755
domestic demand in China, we expect surplus to persist and price to lixiang5@
gradually decrease in 2014-16. Although Jiangxi Copper is the
industry leader, we expect its prospect to be lackluster considering
such factors as downswing in the business cycle, a lack of growth 10 Jan 2014
for mined copper, downside trends of profits and suppressed
valuation due to lack of growth. We cut profit forecast, downgrade HSI Index 22787.33
rating on the company from Buy to Sell and cut the target price HSCEI Index 10152.82
to HK$10.3.
Sector information
Accelerated release of supply: As Oyu Tolgoi, Caserones, MMH,
%
Frontier, Toromocho mines and other large mines have been or will be put
into production, global supply of refined copper gradually exceeds the No. of listed 29
previous t
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