China Mineral Reports: Copper Declines As China Promises To Impose Restrictions On Real Estate

July 13, 2010 - PRLog -- CHINA- As copper dropped for the second consecutive day based off concerns from the Chinese governments push to rein in real-estate speculation, common construction metals like aluminum and others alike face serious setbacks. Alcoa Inc. reported better-than-expected quarterly results and is set to continue to remain in the black as speculation calms.

“I think we will begin to see metals start to climb again in the next quarter” said China Mineral Company Metal Analyst Li Weixiao. “The current real-estate speculation is causing an unusual disruption in the carefully balanced system of metal supply here in China, and I think that it should settle over the next quarter” said Weixiao.

Copper decreased as much as 0.3 percent to $6,610 a metric ton on the London Metal Exchange, before trading at $6,614.75 by 11:11 a.m. in Shanghai. Aluminum futures remained stable hovering around $1,973 a ton.

Chinese officials have seen the damage inflicted to their benchmark stock index, as it fell the most in two weeks after heavy real- estate curbs drove prices to snap 15 months of gains. The government; mainly the Ministry of Housing and Urban-Rural Development said it now looks to only, but “strictly”, enforce housing policies, like lending rules to prevent speculative investment.

“We see a new round of declines looming on macro uncertainties,” Li Weixiao, an analyst at China Mineral Co., said from Shanghai. “Demand prospects in China are turning bearish too now that we’re in the low-production season.”



For More Information Please Contact Clair Barton at +8613502259111 or visit www.chinamineralco.com

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China Mineral Company Ltd. was formed in 2007 to explore unallocated tracts of land abutting the Yashan gold mine. After initial surveys found not just silver, but extractable gold, the Company launched its initial round of fundraising. The company has since come to agreement with the Chinese government and was able to begin operations in the middle of 2008.