China's Slow Economic Growth Having Major Effects on Copper Prices
Five Star Equities Provides Stock Research on Southern Copper and Lundin Mining
(firmenpresse) - NEW YORK, NY -- (Marketwire) -- 04/16/12 -- Copper futures recorded the biggest weekly loss since mid-December last Friday. Prices fell on increasing concerns that slowing economic growth in China, the world's top consumer, may significantly drop demand. Five Star Equities examines the outlook for companies in the Copper Industry and provides equity research on Southern Copper Corp. (NYSE: SCCO) and Lundin Mining Corporation (PINKSHEETS: LUNMF) (TSX: LUN).
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The most-actively traded contract, for May delivery, fell 9.35 cents, or 2.5%, to settle at $3.6270 a pound on the Comex division of the New York Mercantile Exchange. This was the lowest settlement price since Jan. 13. China reported the lowest growth rate in three years of 8.1% in the first quarter from the same period of last year. "Base metals are very closely tied to Chinese growth and, with growth coming in slower than expected, that's obviously relaying concerns regarding copper demand in the months ahead," said Dave Meger, director of metals trading at Vision Financial Markets.
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Southern Copper Corp. in 2011 sales set a record of $6,818.7 million, which is 32.4% higher than the previous year. This was the result of higher copper sales volume from Buenavista production and higher copper, silver and zinc prices.
Lundin Mining Corporation was pleased to announce that it has entered into a purchase option agreement to acquire an 80% interest in the Touro copper project located in northern Spain owned by two private Spanish companies. The Option Agreement gives Lundin Mining an exclusive option until October 1, 2012, subject to extension, to purchase an 80% interest in the Project, pending satisfactory completion of due diligence, including confirmatory and step-out drilling and other technical work currently being conducted by the Company.
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Datum: 16.04.2012 - 12:20 Uhr
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News-ID 135152
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