Jiang copper "hoarding goods": billions is not much

Yesterday, a business trip in London Jiangxi Copper Co., Ltd. (600362.　　SH,00358.HK, hereinafter called Jiangxi Copper Industry, the chief economist Ganchengju said in the telephone to the morning Post, the tens of billions of inventory of Jiangxi Copper industry is not big, not speculation, mainly because some new projects combined earnings, and the company's capacity to rise, the expected copper price rise.　　"1.5 months or so of inventory" Ganchengju made this response, Jiangxi Copper industry just announced on October 11, through the warrant financing 6.743 billion yuan, Jiang copper warrants to 99.9% of the proportion of the right to the current domestic capital market right proportion of the highest percentage of warrants.　　Since the end of last year, the market once rumors, Jiangxi Copper for the realization of the warrant financing, planning a year-long "inventory story", "grabs". According to the Jiangxi Copper 2009-Year Quarterly bulletin, the company's inventory reached 10.098 billion yuan, compared with the same period last year, inventory more than 3.3 billion yuan, an increase of 48.5%. In March this year, the 2009 annual report issued by Jiangxi Copper Industry showed that the stock balance of Jiangxi Copper group amounted to 11.489 billion yuan.　　Jiangxi Copper 2010 Semi-annual report showed that the company's inventory (including raw materials, products and finished goods) for 10.897 billion yuan. In the face of doubt and speculation, Ganchengju yesterday: "Do you think we have more than more than 10 billion inventory?" We do not deliberately increase the size of inventory, instead we now have to control the size of inventory, overall inventory size is appropriate, we have 900,000 tons of annual output capacity, now only 1.5 months of inventory size.　　Ganchengju explained that the company last year produced 800,000 tonnes of annual production, this year is based on 900,000 tons annual production capacity, expansion, and second, last year issued a semi-annual copper price of about 30,000 yuan per ton, this year has exceeded 60,000 yuan per ton, the same number, the price doubled, inventories should also have a sharp rise. In addition, the company acquired several units, including Shandong Yantai Peng-Hui Copper Co., Ltd. has merged with the company's report, the statistical scope has undergone a great change.　　Ganchengju said that the company imported foreign raw materials 100% hedging, and hoarding goods "grabs" has nothing to do.　　"Copper late bullish" Ganchengju revealed that the funds raised will be mainly used in Afghanistan copper, northern Peru copper and dexing copper mine expansion projects, the above three projects, can increase mineral copper nearly 500,000 tons/year.　　Yesterday, at the fourth session of China International Copper Exhibition held in Shanghai, China nonferrous Metals Processing Industry association director Wang Biwen said that China is a copper resource shortage in the country, copper concentrate self-sufficiency rate of only about 25%, which is currently the biggest problem facing the industry. "If it is from the overall output, the company's raw material self-sufficiency rate in 22%~23%, single from the copper concentrate, self-sufficiency rate in more than 30%."　　"Gan Cheng Long Forecast, three years later, after the production of foreign mines, self-sufficiency rate will be greatly improved." Joint Metal Network analyst Wang Liyun said yesterday that the global copper inventory continues to decline, the domestic market supply and demand is basically balanced, global view of supplyThe proportion of excess is also small, late copper price bullish. Available data show that from 2000 to 2009, China's copper consumption increased from 2.1 million tons to 6.52 million tons, accounting for 2009 global copper metal consumption of 37.7%.　　Jiangxi Copper has 11.31 million tons of copper reserves, is currently the largest copper production enterprises. In the past 5 trading days as at October 12, Jiangxi Copper industry has soared, the cumulative increase of 37.8%, yesterday closed to 39.94 yuan.