Metal prices fell after a rise of two consecutive weeks, with macro-economic data mixed in this week. As of closing, prices of lead, zinc and tin all saw decrease of over 5% and only aluminum slightly increased by 2.19%.
In terms of inventory, LME copper inventory continued to fall by 3.42% to 280,000 ton, while that of SHFE kept increasing by 7,900 ton to 68,500 ton.
Investment portfolio: 1) Guangdong Orient Zirconic Ind Sci & Tech (002167), Shenzhen Zhongjin Lingnan Nonfemet (000060) and Ji Lin Ji En Nickel Industry (600432) whose cobalt price rose. We maintain “Overweight” rating for the companies above; 2) Jinduicheng Molybdenum (601958) whose molybdenum products prices kept robust. “Neutral” rating is thus maintained.
Weekly News of Companies --- June 15, 2009-June 19, 2009
Jiangxi Copper (600362): No. 5 Oxygenerator Repaired, Annual Capacity of Refined Copper to Reach 900,000 ton
Yunnan Copper (000878): Being Authorized as High-tech Enterprise to Limitedly Affect After-tax Profit
Gaoxin Zhangtong (002075): With Assets Restructuring Project Filed by SASAC, Restructuring Proposal Being Approved by Meeting of Shareholders
Anhui Xinke New Materials (600225): 128mn Restricted Shares Became Tradable on June 22, with No Heavy Holding Reduction Pressure